Medical Marijuana Firm Buys Manatee Property for Leasing

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Medical Marijuana Firm Buys Manatee Property for LeasingPublicly-listed firm Cannabis-Rx has purchased industrial property to the north of Sarasota-Bradenton International Airport in Florida as it bets the state’s medical marijuana vote will favor legislation.

The company, which is based in Scottsdale, Arizona, forked out $1.26 million for the 9.26-acre property which was formerly a Wellcraft boat plant located on the 15th Street East.

If things go as per the plan, the facility will easily become one of the biggest such in North America, said Michael Mayes, the CEO of Quantum 9 Inc, a Chicago-based cannabis sector consulting firm.

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“We are working with a company in Nova Scotia that has already acquired a 315,000-square-foot facility that we are now building out,” Mayes said, according to the Herald Tribune. “The industry is actually trending more toward these extra-large facilities.”

Cannabis-RX, just like it does with other properties it owns, will lease the property to medical marijuana licensees. The Manatee property has proved to be an attractive buy as land values are currently depressed and the area is serviced by heavy power service.

The company bets that Florida will vote in favor of legalizing medical marijuana in its November vote.

Cannabis-Rx aims to provide firms that deal with cannabis with real estate and capital to incubate them by providing buildings that are used to cultivate, process and distribute marijuana. It also bills itself as helping businesses comply with regulations, apply for licenses and providing consulting services on growing and managing the plant. It also targets to invest in retail property and offer medical marijuana start-ups with capital. To register for a free 2-week subscription to ForexMinute Premium Plan, visit www.forexminute.com/newsletter.

To contact the reporter of this story; Jonathan Millet at john@forexminute.com