Staff
Privately-held mortgage real estate investment trust company Pelorus Equity Group has provided $16.975 million in non-dilutive real estate debt financing to Royal Emerald Pharmaceuticals for the purchase of a new facility located in Desert Hot Springs, California. Royal Emerald is a DEA-registered, specialty pharmaceutical company working to research and produce federally compliant THC and CBD-based medicine for veterans and first responders. As one of the first pharmaceutical companies in the nation to receive federal licenses to research, manufacture, import, and distribute substances with THC and CBD, Royal Emerald will be able to ship its medical cannabis products across state lines and into international jurisdictions upon completion of the Desert Hot Springs Facility.
“The opportunity to partner with Royal Emerald is truly a one-of-a-kind transaction for us,” said Dan Leimel, CEO of Pelorus Equity Group, and manager of the Pelorus Fund. “This new high-tech facility will be built to the strict requirements of the regulated pharmaceutical industry and will be the site of exciting new THC and CBD-based medical research to provide much-needed alternative therapeutics to veterans and first responders. We believe their work will be hugely impactful on the development of the pharmaceutical market within the U.S. cannabis market, with potential international export opportunities available as well.”
The facility was once a Kmart retail location. With this money, Royal Emerald said that the site will undergo an extensive renovation and be remodeled turning the 94,000 square foot building into a high-tech cannabis cultivation and medical research facility.
“Our mission is to address the significant issue that existing pharmaceutical pain management practices have created for patients nationwide, especially our military veterans and first responders,” said Mark Crozier, Chairman, and Founder of Royal Emerald Pharmaceuticals. “Thanks to our partnership with Pelorus, we are able to achieve the next step of this mission with our new facility. The support we have received from the Pelorus team is unparalleled, and we greatly appreciate the confidence they have placed in us.”
Developing medicines for veterans is a personal mission for Crozier, who is a disabled veteran and retired first responder. Crozier started Royal Emerald Pharmaceuticals to combat the medical issues our veterans and first responders face during and after their service. Veterans and first responders can suffer from PTSD, depression, sleep apnea, chronic pain, and much more as a direct result of their sacrifice, stress, and devotion to protecting our great nation.
Mr. Crozier added, “We believe in the power of alternative therapeutics derived from botanicals, including cannabis, to treat and support those that have undergone significant physical and emotional harm. Our veterans and first responders deserve effective pain management options that safely address their complex needs, and we believe we can lead the way in providing this support. We are also excited to support our local community, as our new innovative facility, will provide meaningful employment opportunities with a job fair coming later this year.”
