SO WHY ARE THEY SELLING IT NOW FOR ONLY ABOUT 10 MILLION
WHAT IS DAVID UP TO?????
FSD Pharma Facility Valued at $105,000,000 With 3,000,000 ft Expansion Assessed at $420,000,000
TORONTO--(BUSINESS WIRE)--FSD Pharma Inc. (“FSD Pharma” or the “Company”) (CSE: HUGE) (OTCQB: FSDDF) (FRA: 0K9) announced today that the Company’s facility and land located at 520 William Street in Cobourg, Ontario has a Fair Market Value of $105,000,000 according to a recent Comprehensive Property Value Assessment by a commercial real estate assessment specialist issued on November 20, 2018.
FSD Pharma facility valued at $105,000,000 with 3,000,000 foot expansion assessed at $420,000,000
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Due to the nature of the property, the current value assessment was conducted using the Cost Approach and incorporated property improvements of over $10,000,000 by the Company since acquisition, ongoing Joint Venture Capital Improvements by Auxly Cannabis Group Inc. (TSX.V – XLY) of over $50,000,000 and Government-Issued Licenses for the production and sale of cannabis attached to the footprint of the property. Also considered in the assessment were unique features of the site, including its classification as a special use/purpose government food-grade facility with train access directly on the property, an on-site power generating station, and substantial ongoing capital renovations under Health Canada Guidelines and Specifications.
In the opinion of the commercial real estate assessment specialist, the property as a whole at the time of completion and operation of approximately 3,000,000 square feet would have an overall property value of an estimated $420,000,000 (at an average cost of 250 dollars per square foot to build out). At full capacity, the facility is expected to produce 400 million grams of dried cannabis flower per year.
Dr. Raza Bokhari, interim CEO and Co-Chairman of the Board commented, “The Company continues to collaborate with our partner Auxly to build out our Cobourg facility, which currently includes 620,000 square feet of building space available with a phased-in plan over the next 6 years to build out a total of 3,896,000 square feet. We are pleased to see that our ongoing efforts are paying off, both in terms of grow space expansion and capital investment.”
https://www.businesswire.com/news/home/20181128005094/en/FSD-Pharma-Facility-Valued-at-105000000-With-3000000-ft-Expansion-Assessed-at-420000000