Oregon marijuana firm lands $12.5M from Canada’s Tidal Royalty to fund expansion

Oregon-based Diem Cannabis is poised to enter a new market after landing upwards of $12.5 million in financing from Toronto-based Tidal Royalty Corp.

The capital will be used over the next three years to develop and operate a large-scale cultivation and processing facility and up to four dispensaries, all in Massachusetts, the firms announced in a news release.

Additional details about the deal were not disclosed, and company officials could not be immediately reached for comment.

Diem has cultivation, retail and home delivery operations in Salem and Portland, Oregon.

In addition to Diem, Tidal Royalty has deals under way with cannabis firms licensed in Florida and Arizona and has entered into letters of intent with licensed operators in California, Nevada and Illinois.