Royal Canadian Cannabis (RCC) is on a mission to produce Canada’s best marijuana. The small, craft cannabis company has a plan to produce differentiated, high-grade medical marijuana and required business and production capacity. The founders knew they had a quality initiative, but needed help reaching their next big milestone.
RCC approached TEC Edmonton for help with establishing a corporate and governance structure, executive leadership and access to funding, in addition to input on the location, design and build of a new production facility.
TEC Edmonton Executive in Residence Jake Burlet was assigned to the case based on his experience with corporate turnarounds, corporate directorships, and track record of leading successful startups. Jake implemented his tried and true four-pronged approach for creating successful businesses:
By strengthening these four areas, Jake helped Royal Canadian Cannabis build a credible, rock-solid leadership team that raised over $400,000 of “friends and family” financing in 30 days. This allowed the company to:
- Acquire land for a new pharmaceutical-grade production facility in Barrhead, Alberta
- Set the stage for institutional financing and,
- Establish a target for construction scheduled to start in late 2018.
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