CGrowth Capital to Bank Lease Revenues on Wildfire's Harvest
Company announces lease revenues from its tenant, Wildfire Cannabis, scheduled for posting November 2016, following exceptional harvest
SILVERDALE, WA -- (Marketwired) -- 10/28/16 -- CGrowth Capital, Inc. (OTC PINK: CGRA) (the "Company") is pleased to report initial lease revenues from its tenant, Wildfire Cannabis, are scheduled for posting on November 1, 2016, following a blockbuster performance and outdoor harvest yield by its first fully licensed tenant. Furthermore, the Company is pleased to provide investors with a report on its latest site visit to the Company's manufacturing and processing facility in Chewelah, Washington. The Company is providing turnkey commercial leases to tenants at its Washington state location where the state has legalized cannabis. Based on initial success, expansion of both indoor and outdoor operations is inevitable.
Bill Wright, CEO of CGrowth Capital, Inc., stated, "We have been working on this leasing structure and relationships for over 18 months and that diligence and patience is now paying off. While others in this new market space are spending their time telling people what they can do, we have rolled up our sleeves and executed on what we said we would do -- a first to market. This is not an adventure with overnight success -- it takes time, patience, the right relationships, and a whole lot of work -- but we are there now and revenues will continue to build as we expand the facilities and properties under our control."
The site visit to the property and concurrent visit with Wildfire management revealed the following progress:
Lease Payments Confirmed: Wildfire confirmed that it would be paying rent beginning November 1, 2016, at an escalated rate to account for rent accruals prior to production as well as triple net and capital cost to the facilities.
Property Development -- Phase I -- 80% complete: Of the 8,000 sq. ft. initial building, 80% of the rooms have been completed and are now operational, including full buildout, electrical, plumbing, HVAC, and security.
CO2 Extraction -- Phase I-B: The Company procured two coveted CO2 oil extraction machines and will be leasing this highly sought after equipment to its tenant -- adding to the current revenue stream. County permits are complete and we are awaiting state inspection and approval with Wildfire. The Company expects this phase to be completed by the end of November 2016.
Property Development -- Phase II: Plans are completed for the improvement of an existing 8,000 sq. ft. building south of Phase I building. This building will include primary processing and a full commercial kitchen. Work is scheduled to begin prior to the end of the year.
Property Development -- Phase III: Plans are being developed for a 22,000 sq. ft. building for extended grow rooms and overall mechanical for the site. The Company is planning on breaking ground on this new building in early 2017.
