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Chlormet to buy Washington land for $1.2-million (U.S.)

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Greengo   Monday, 11/17/14 05:52:44 PM
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Chlormet to buy Washington land for $1.2-million (U.S.)

CHLORMET TO PURCHASE I-502 PROPERTY IN WASHINGTON STATE

Chlormet Technologies Inc. has entered into escrow for the purchase of an I-502-compliant 9.7-acre parcel of land in Whatcom county, Washington state. The property fulfills all of the company's criteria for its planned expansion into Washington state. It is permitted for light industrial use, is I-502 compliant, currently contains a 13,000-square-foot building and has sufficient room for expansion. The existing building is insulated, was built in 2008 and is ready to be built out to accommodate a marijuana grow licence. Chlormet intends to become involved in the legal marijuana industry in Washington state by providing buildings, equipment and non-grow-related services to licensed producers and processors through long-term leases and property management contracts.

The purchase price for the property is $1.2-million (U.S.), and the company has made a refundable payment into escrow upon acceptance of its offer. The company now has up to 60 days to complete its due diligence. Subject to closing, the company has secured third party mortgage financing for the purchase price with a U.S. lender.

At 9.7 acres, the site is large enough for expansion through construction of additional buildings. During the due diligence period, the company will be working together with its architect to develop its future plans for the property such that it will facilitate multiple licensed grow and processing licensees.

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