Cultivation Technologies, Inc.
Cultivation Technologies, Inc. Receives Conditional Use Permit; 10-Year Development Agreement for 111,500 Square Foot Cannabis 'Campus' in Coachella, CA; Retains B.R. & Sons as Construction Manager and General Contractor
Thursday, August 11, 2016 6:00 PM
IRVINE, CA / ACCESSWIRE / August 11, 2016 / Cultivation Technologies, Inc., a leader in the legal cannabis industry, announced that it has received full entitlements for its first facility in Coachella, California. The planning commission hearing was on July 6th, 2016 - followed by two city council meetings on July 13th and July 27th - all with unanimous votes of approval.
The facility will be the first of its kind in the largest medical cannabis market in the world: California. Unlike other municipalities throughout the state, the City of Coachella adopted an ordinance which aligns with the forthcoming regulations under the Medical Marijuana Regulation and Safety Act, commonly referred to as "MMRSA" (and likely to be changed to "MCRSA"), by incorporating most phases of the wholesale supply chain. The resulting 111,500 square foot site will be a more efficient use of resources for tenants, with core services such as testing, distribution, extraction, and transportation available from premises which are all adjacent.
"I think more than anything it's an opportunity to really diversify our economy, to bring in more jobs, to be first and be a trend setter," Coachella Mayor Steven
Hernandez said in a KESQ television interview.
Along with the conditional use permit and development agreement, site tenants will receive regulatory permits from the city for each respective unit as a pre-cursor to state licensure. Cultivation Technologies also agreed to further support the City of Coachella by entering into to a business development agreement, which will contribute $1 per square foot of future cultivation or manufacturing space which utilizes the company's brand, "Coachella". In exchange, the City will hire a government advocacy firm; and Cultivation Technologies has requested that these funds be utilized to further community development programs for city residents.
Construction management and general contractor services for the $30M Coachella site will be provided by B.R. & Sons, a trusted Southern California firm with strong presence in the healthcare, retail, commercial, industrial, food service, and residential markets. The B.R. team are proud members of the California Society for Healthcare Engineering (CHSE), the American Society for Healthcare Engineering (ASHE), and the U.S. Green Building Council. The project is expected to break ground at the end of August, with completion slated for February 2017.
Juan Banos, managing partner of B.R. & Sons, stated "We are excited to have aligned with Cultivation Technologies, a leader in this emerging industry, and expect the Coachella project will be the first of many with the company."
Cultivation Technologies, Inc:
Cultivation Technologies, Inc. is a provider of infrastructure and brands to the legal cannabis industry. The first major project for the company is in Coachella, California which will span 111,500 square feet including (4) cultivation centers, (2) manufacturing facilities, a testing lab, a distributor and transportation hub, and a pharmaceutical office. The company expects to replicate this in other municipalities in California. Investors and media are encouraged to visit CultivationTech.com to learn more.
DISCLAIMER: This press release constitutes forward-looking statements within the meaning of federal securities laws. Such statements are based on our current beliefs and expectations and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, such forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Potential risks and uncertainties include, but are not limited to, technical advances in the industry as well as political and economic conditions present within the industry. We do not take any obligation to update any forward-looking statement to reflect events or developments after a forward-looking statement was made. This press release and the information contained herein is not an order to buy or sell securities and does not contain investment advice. Cultivation Technologies does not manufacture or distribute cannabis.
(888) 851-9802 x114
SOURCE: Cultivation Technologies, Inc