Did the Marijuana board miss the marijuana news today or what?
CGRA had huge MJ news today, where's the buzz?
CGrowth Capital is Wild for Wildfire's Cannabis License
SILVERDALE, WA / ACCESSWIRE / May 18, 2016 / CGrowth Capital, Inc. (OTC Pink: CGRA) (the "Company") is pleased to announce that Wildfire Cannabis Company ("Wildfire"), the Company's Tier 3 cannabis producing tenant, has successfully passed their Final Inspection with the Washington State Liquor Cannabis Board ("LCB"). With this milestone, Wildfire will now move to finalize Phase I of the development and begin plant production in the days to come. The status change means revenues are imminent for the Company, who will concurrently begin Phase II of the buildout and production with Wildfire to include additional outdoor grow operations.
Robert Foster, Manager/Owner of Wildfire Cannabis Company stated, "We are very appreciative of CGrowth Capital's patience through this tedious process of requirements set forth by Washington State to grow cannabis legally. For CGrowth to have the open minded business savviness of purchasing an old industrial facility and then looking to the future and bringing it new life in such a lucrative way is to be commended. We could not have gotten to this point without them and the future potential for all of us is now unlimited."
The Company previously announced approvals by Stevens County and the state of Washington for the legalized production and processing of cannabis at the Company's Chewelah facility. Based on the current infrastructures and approvals, the Company is working on the initial 90,000 square feet of canopy space and is working towards doubling its capacity during the year for a total of six (6) licensed tenants (there are currently three (3) tenants under contact). Under the Company's turnkey lease terms, the rental potential is in excess of $2,000,000 annually.
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