More nice assets addedFor the eventual buyout....
HIGHLIGHTS:
- Vibe has entered into a purchase agreement for 10 acres of F40 zoned agricultural land in Monterey County, California
- USD $5.1 million purchase price - permit application submitted
- Phase 1:
- 66,000 square feet of mixed light greenhouse cannabis cultivation footprint
- 13,000 pounds of high potency cannabis flower per annum in Phase 1
- The estimated construction cost of $1.1 million per 22,000 square foot greenhouse
- Phase 1 construction to begin in 2021
- Future full potential 254,000 square feet of greenhouse cultivation
- Financing via treasury cash and debt capital
Sacramento, California--(Newsfile Corp. - July 21, 2021) - Vibe Growth Corporation (CSE: VIBE) (OTC Pink: VBSCF) (FSE: A061) (the "Company" or "Vibe"), a leading vertically integrated multi-state cannabis enterprise, announces the expansion of its California cultivation operations as it has entered into a purchase agreement for the acquisition of a 10-acre parcel of land in Monterey County, California for 254,000+/- square feet of potential greenhouse cannabis cultivation (the "Greenhouse").
"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 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.
DETAILS OF ACQUISITION
Vibe Growth announces it has entered into a purchase agreement to acquire 10 acres of land previously having 254,000+/- square feet of greenhouses in Monterey County, California for a total consideration of USD $5.1 million in cash. 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. The Company 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.
The Company anticipates the construction cost of Monterey Phase 1 to be $1.1 million per 22,000 square foot greenhouse, including building and site costs. The Company has a strong balance sheet and healthy cash position of $13.4 million (end of Q1 2021) and anticipates using some debt capital for its Monterey construction.