California Cannabis Grower Adding Nearly 250,000 Square Feet of Greenhouse Production

Posted by Brian Sparks|July 29, 2021

California-based cannabis producer Vibe Growth Corp. is expanding its production capacity in the state with the acquisition of a 10-acre parcel of land in Monterey County, CA, for around 254,000 square feet of potential greenhouse cannabis cultivation.

“Vibe continues to deploy capital prudently in the highest growth and margin areas of the California cannabis market,” says Mark Waldron, CEO of Vibe Growth Corporation. “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.”

The acquisition is expected to close in the fall of 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.

Learn more here.