(Bloomberg) -- The Green Organic Dutchman Holdings Ltd. is looking at alternative means to fund the medical cannabis firm’s construction projects after unsuccessful discussions for commercial bank facilities and equipment leasing.

The company is “exploring non-bank debt financing alternatives such as issuing bonds or raising private loans,” Green Organic spokesman Sebastien Bouchard wrote in an email.

The Toronto-based medical cannabis firm said it’s reviewing funding options in order to complete building its facilities in Ancaster, Ontario and Valleyfield, Quebec, according to a statement. Green Organic said it “may revise the construction schedule” for the projects if it’s unable to secure sufficient financing on reasonable terms within a required time frame.

Green Organic says it has no debt and $56.7 million in cash available in Canada, including $40.2 million in restricted cash marked for capital expenditures. The stock fell as much as 24% on Wednesday to C$1.31, a record low. It has now lost three-quarters of its value since its recent high on March 19.

Credit financing for pot companies remains relatively rare as most firms are in the process of reaching positive margins out of their core businesses. Still, Canada-listed Trulieve Cannabis Corp. raised $70 million via the first pot bond with a publicly-available prospectus earlier this year while in May, Green Thumb Industries Inc. issued $105 million of senior secured notes in a self-brokered deal.

Instead of debt financing, cannabis companies have been offering equity and convertible securities as preferred channels to finance their investment plans. Nonetheless, the industry’s stocks have under performed recently, making issuance more challenging.

(Adds stock price decline in fourth paragraph.)

--With assistance from Paula Sambo and Kristine Owram.

To contact the reporter on this story: Esteban Duarte in Toronto at eduarterubia@bloomberg.net

To contact the editors responsible for this story: Nikolaj Gammeltoft at ngammeltoft@bloomberg.net, Allan Lopez

©2019 Bloomberg L.P.