Cannae Corp, the cannabis company founded by a group of Mexican billionaires, said it would invest $300 million in a new cannabis business.
The Mexican-owned firm, Cannae Holdings, announced the announcement Wednesday in a press release.
Cannae said the investment will focus on a new type of cannabis production facility in the state of Guanajuato, which has been under intense restrictions in recent years.
“Cannabidiol (CBD) has become a global phenomenon, which will make us an important and competitive player in this market, the company said.”
We’re extremely excited to be involved in this project and to partner with Cannabidia, which represents an important global opportunity for us,” Carlos López, CEO of the company, said in the statement.
The investment will allow the company to build on its current production capacity and expand to additional regions in the country, the statement said.
Cabrera said in an interview with CNBC last month that the new venture will bring the company closer to the production of cannabis in the United States.
Canna Holdings was founded in 2013 by Carlos Guzmán Alvarez, the son of Mexico’s late drug kingpin Joaquín “El Chapo” Guzmo, and the brother of Pablo Escobar, who is serving a life sentence for his role in the 1993 bombing of a Mexican navy base.