- Vibe Growth (VIBE) expands California cultivation centre
- The acquisition is expected to close in Q3 2021, subject to regulatory approvals, due diligence, and customary closing conditions
- It will commence its 66,000 square foot Phase 1, with the future potential to develop 188,000 additional square feet
- Vibe anticipates the construction cost of Monterey Phase 1 to be $1.1 million per 22,000 square-foot greenhouse, including building and site costs
- Vibe Growth Corporation (VIBE) is flat on the day, trading at C$0.55 at 10:27 am ET
Vibe Growth (VIBE) has entered into a purchase agreement to acquire 10 acres of land for a total consideration of USD $5.1 million in cash.
“The Monterey greenhouse acquisition allows us to scale and grow our cultivation and production, meet the demand for our branded products, and grow margins significantly,” stated Mark Waldron, CEO of Vibe Growth Corporation.
The acquisition is expected to close in Q3 2021, subject to regulatory approvals, due diligence, and customary closing conditions. Vibe’s Monterey acquisition will serve as its flagship greenhouse cultivation facility.
It will commence its 66,000 square foot Phase 1, with the future potential to develop 188,000 additional square feet in future Phases 2 and 3.
Vibe anticipates the construction cost of Monterey Phase 1 to be $1.1 million per 22 thousand square foot greenhouse, including building and site costs. It has a strong balance sheet and healthy cash position of $13.4 million and anticipates using some debt capital for its Monterey construction.
Vibe Growth Corporation and its cannabis retail brand, Vibe By California, is a trusted, California-focused, multistate (MSO) cannabis enterprise.
Vibe Growth Corporation (VIBE) is flat on the day, trading at C$0.55 at 10:27 am ET.
