- Vibe Growth (VIBE) has been granted a commercial cannabis cultivation license by the State of California’s Department of Cannabis Control
- The license is for the Vancouver-based cannabis company’s greenhouse in Monterey County, California
- The greenhouses will serve as the company’s flagship cultivation facilities in California
- The 70,000-square-foot facility has the potential to later grow by 188,000 additional square feet in future Phases 2 and 3
- Vibe Growth is up 2.44 percent, trading at $0.21 at 11:11 am ET
Vibe Growth (VIBE) has been granted a commercial cannabis cultivation license by the State of California’s Department of Cannabis Control.
The license is for the Vancouver-based cannabis company’s greenhouse in Monterey County, California.
The greenhouses will serve as the company’s flagship cultivation facilities in California.
The 70,000-square-foot facility has the potential to later grow to 188,000 additional square feet in future Phases 2 and 3.
Greenhouse materials ordered from Europe in 2021 will be delivered on-site starting in June.
“This is an important milestone as we continue to expand our operations to meet the growing demand for high-quality, cannabis products in California,” said CEO Mark Waldron.
“Vibe continues to deploy capital prudently in the highest growth and margin areas of the California cannabis market. Our strategy in California has been focused on vertical integration, cultivation, and retail sales. The Monterey greenhouse allows us to scale and grow our cultivation and production, meet the demand for our branded products, and grow margins significantly. We are exceptionally proud of the team’s efforts and look forward to accelerating our growth as the new facility is expected to come online and ramp to full capacity in the second half of 2022.”
“Our investment in the Monterey County greenhouse facility buildout is grounded in our strategic vision of establishing a vertically integrated operation that controls cultivation, production, and direct-to-consumer sales via our California-focused dispensary network. Operating in California offers many opportunities as long as production remains low-cost and high-quality, which essentially defines our Monterey cultivation facilities.”
Vibe Growth is up 2.44 percent, trading at $0.21 at 11:11 am ET.
