04:42 PM EST, 12/18/2024 (MT Newswires) -- MTL Cannabis ( MTLNF ) after close Wednesday said it fully repaid a $2.13-million mortgage carrying a 13.25% interest rate that was sourced from a private lender by MTL's predecessor company.

MTL fully paid off the mortgage, consisting of a principal amount of $2.1 million and interest and fees of $23,552.33.

"We are very fortunate to be in a position to continue to self-fund our ongoing organic growth, expansion of our operating assets, and reducing our interest expenses to maximize financial flexibility and strengthen our balance sheet," said chief executive Michael Perron.

MTL shares closed up $0.005 to $0.25 on the Canadian Securities Exchange.