The Arizona-based cannabis company, the El Paso Canna Company, has completed its $8 million cannabis cultivation expansion. The company’s new 1.1-million-square-foot facility, located in El Paso County, will rise to a total of approximately 1.9 million square feet of cultivation space.
AZ Medical Cannabis Co., a Scottsdale-based grower, has completed an expansion of their cultivation, processing and distribution facility in Scottsdale. The Scottsdale Cannabis Center, which is located at 5610 N. Brown Ave., is the first and largest cannabis-growing facility in Arizona and is licensed to produce and distribute liquid and solid cannabis products.
With cannabis legalization in Arizona, there is a rise in the number of businesses in the cannabis industry, and this week, one passed $8 million in sales in the first three months of 2018. Phoenix-based Miron Properties purchased a 12-acre parcel in the town of Carefree for $1.9 million in January. The property is in the process of being turned into a cannabis-cultivation incubator, and construction is scheduled to begin in May. The marijuana will be sold by Miron in the facility’s retail gallery.. Read more about arizona cultivation license application and let us know what you think.
Dan Kingston is a well-known figure in the a minute ago News about marijuana
Zoned Properties, Inc., an Arizona-based real estate development company specializing in developing and highly regulated sectors such as legalized cannabis, has announced a modification to its lease agreement with a key tenant at its marijuana growing facility in Chino Valley.
“As a consequence of the newly authorized and implemented adult-use marijuana program, the increased demand for regulated marijuana growing space and consumer goods in Arizona has gone well beyond early projections,” said Bryan McLaren, Chief Executive Officer of Zoned Properties. “Industry analysts predict that consumer demand in Arizona will exceed $1 billion in the next several years, necessitating greater cultivation capacity, entitlement square footage, and appropriately designated sites like Chino Valley.”
Highlights of the transaction:
- The Company’s Significant Tenants have spent over $8 million in the Chino Valley Cultivation Facility as far. Throughout the duration of the Lease Agreement, the Company’s Significant Tenant will retain master rights to the property and facilities.
- The facility’s operational square footage will increase by 68 percent from 40,000 to 67,512 square feet on September 1, 2021, with new base rental payments increasing by 68 percent from $32,800 to $55,195 per month, including three of the four new building structures in the phase one expansion that are now fully completed and operational.
- Technology and operational packages, as well as compliance checks, are nearing completion at the fourth additional construction site. The parties intend to engage into another lease modification once the project is completed, reflecting the additional operating square footage and higher base rental payments. The facility’s operational square footage would grow from 67,512 to 97,512 square feet, and basic rental payments would increase by 69 percent from $55,195 to $79,795 per month, representing the whole of the phase one expansion.
- The yearly base rental payments will rise to $957,550 after the phase one expansion is completed, representing a 143 percent increase over the prior annualized base rental payments of $393,600.
- The Chino Valley site also has a construction-ready master plan for a phase two extension of operational and rentable square feet, which the Tenant may choose to continue with. If the Tenant chooses to continue with phase two, the extra square footage of operational and rentable building space at the facility may total 157,512 square feet, equating to a yearly rental rate of $1,549,918 plus additional rental payments under the triple-net lease.
Arizona Marijuana News and Information
Updates on Cannabis in Arizona
The investment firm Cannabis Science, Inc. (NASDAQ:CBIS) announced on February 14th, 2018, that it had completed construction on two additional buildings at its campuses in Phoenix, Arizona. The expansion of the company’s cultivation facilities is part of a $20.5 million capital investment by the company, which is expected to produce over 3,000 pounds of high-quality cannabis per year.. Read more about phoenix dispensaries and let us know what you think.
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