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US (CA): Marapharm buys 29,193 square feet for MMJ cultivationMarapharm announces it has entered into an agreement to purchase property located in Desert Hot Springs, CA for $1.3 million USD. The agreement is without contingencies and closes May 31, 2017. The 1.22 acres is zoned industrial for cannabis cultivation and is an approved CUP of 29,193 square feet for cultivation including 2,036 square feet of processing.
Marapharm engaged Kurt Keating to do the evaluation of this project. Kurt won 2 High Times Cannabis Cups in 2014 while cultivating medical cannabis and he has been consulting, evaluating and growing cannabis for several years. The market price for this type of marijuana at present is approximately $1000 wholesale per pound in California. The evaluation for the main floor is 5000 pounds per year. The upper floor is for 15,000 pounds per year. The additional value of the extractions enables the facility to potentially have $17 million in gross sales with $9 million net for the first year. This evaluation will be part of the financial package for a loan facility for the purchase of the property and for the build-out of the property which is expected in short order.
“The permit processing for marijuana is a lengthy procedure. This acquisition is well under way in the process. Items which are completed include the required orientation meeting, development agreement, conditional use permit, preliminary review (street improvements, water retention and capacity, utilities, setbacks, grading, fire suppression, fences, walls, etc.), agreement submissions, application preparations and submissions, architecture and landscape review, environmental submissions and review, city attorney review, planning commission approvals, city council and several other steps. We have all of the trades, architect, engineers, contractors and consultants in place and we are moving ahead at a fast pace” says Linda Sampson, Marapharm CEO.
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Publication date: 6/19/2017
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