Indus Holdings has entered into a Letter of Intent (“LOI”) to lease a neighboring facility to host expanded cultivation operations. The LOI contemplates a 20-year lease with a 5-year extension option.
"Indus has selected the facility for its scale, existing attributes, and lease economics," the Indus team explains. "The facility is 300,000 square feet which will more than double our cultivation footprint when operational. The Company anticipates that the facility will contribute upwards of 50,000 lbs of annual flower production capacity when fully operational. In order to retrofit the facility for this volume level the Company anticipates that it will take approximately 12 months to bring the facility online in preparation for a 2022 first harvest."
The facility is located nearby to our other Monterey County operations and is currently partially licensed for cannabis operations. The arrangement is subject to further diligence as well as the negotiation and execution of definitive agreements, and there is no guarantee that the Company and the landlord will reach final agreement on the terms of the lease contemplated in the LOI.
For more information:
Indus Holdings
(831) 998-8214
[email protected]
indusholdingsinc.com