01:59 PM EDT, 03/12/2024 (MT Newswires) -- Christina Lake Cannabis Corp. ( CLCFF ) overnight Monday said that it has signed a lease agreement to buy new harvesting equipment to address the expanded cultivation footprint and increase in demand for its products.

The agreement follows the purchase of outdoor cultivation facilities in Midway, British Columbia.

The lease agreement is for a term of 36 months starting on Sept. 1, following the delivery of the equipment to the company. The monthly payment for the agreement will be $13,363.11 per month, plus GST, payable on the first of each month, and $4,000 per month plus GST for standby rent for April to August, payable on the 15th of each month.

If the company can make full payment on time during the first 18 months of the agreement, the company will then have the option to buy the equipment at any time following month 18 up to the end of the term.

The company's shares plunged 11.1% on last look on Tuesday.