Vancouver Sun 27 May 2020
Large cannabis growing facilities are up for sale in communities across the province as the industry comes to grips with slower-than-expected sales of government-sanctioned cannabis products.
An 18,000-sq.-ft. cannabis cultivation and processing facility is for sale in the Village of Lumby after its owner True Leaf Brands entered bankruptcy proceedings. The asking price for the warehouse-sized operation on 40 acres is $7.25 million.
“We are on a good piece of land in a town that is supportive of the business, so we’ve had quite a bit of interest,” said True Leaf CEO Darcy Bomford. “The deadline for bids is June 19.”
Zenabis is selling a 25,000-sq.-ft. licensed cannabis cultivation and processing facility on Annacis Island for $12.75 million.
An uncompleted cannabis production facility in Kelowna is listed at $13 million, but a potential buyer will need to sign a non-disclosure agreement before the agent will show it. The 25,000-sq.-ft. facility, owned by Doja Cannabis, is advertised as “80 per cent complete.”
At least a dozen mid-sized cannabis companies have recently filed for bankruptcy, and industry leaders say there are many more to come.
“Based on the calls that I’m getting, I’m expecting another dozen more as funding has dried out,” said Tilray CEO Brendan Kennedy. Tilray, with production facilities in Nanaimo, cut its staff by 10 per cent earlier this year.
READ MORE: https://vancouversun.com/news/cannabis-growing-facilities-up-for-sale-across-b-c/wcm/1619bb6d-4b6f-4d13-81bd-908e074c080b/
