New Age Farm announces the signing of a Definitive J/V Agreement between its Washington State subsidiary, New Age Farm Washington, and David Baker to secure three additional tenant growers, along with a lease to own option on eleven acres of industrial land in Moses Lake, WA.
Under the terms of the J/V, NAF Washington and Baker have formed a 50/50 joint partnership corporation in Washington State, CannaUsa, that will hold the lease on the eleven acres of industrial land in Moses Lake, WA. This will increase the company’s Washington State property holdings to three separate agri-campuses in Sumas, Oroville and Moses Lake. In addition, Baker will bring three Tier 3 Production/Processing licensees to CannaUsa, and these licensees will become the company’s newest tenant-growers.
CannaUsa will build out and operate greenhouse facilities on the Moses Lake Property that will accommodate New Age Farm’s tenant-growers for year round indoor operations. The company’s current strategy calls for complete site preparation including site grading, security cameras and fencing, power and all other additional required utilities. Updates will be provided on an ongoing basis.
On completion of the Moses Lake agri-campus, New Age will have in excess of 250,000 square feet of canopy growing space available to its tenant-growers at its three Washington state locations. The Moses Lake agri-campus will be structured to allow for a total growing capacity of approximately 170,000 square feet of canopy space – this means up to five Tier 3 tenant-growers and one additional Tier 2 tenant-grower can be housed at the facility.
Carman Parente, president and CEO of New Age Farm, commented, “When at full operating capacity, these additional Tier 3 tenant-growers at Moses Lake will have the capacity to generate between US$6 and $8 million in gross revenues per month from their operations. With our turnkey tenant-grower model, where our clients pay base rent and fees for our specialized services such as the expertise of our master growers, our storage, processing and production capabilities, New Age Farm is positioned to begin generating significant income over the next year.”
For more information:
New Age Farm
604-889-5200
info@newagefarminc.com
newagefarminc.com
Sign up for our daily Newsletter and stay up to date with all the latest news!
Subscribe I am already a subscriber