- Signed a second lease agreement with a private Washington state, Tier-2 I-502 licensee to lease up to 21,000 square feet of I-502-compliant space
- Company has been involved with the licensee as a consultant and in the infrastructure development capacity at its current location
- Tier-2 tenant currently is ready to harvest this years crop at the end of the month
Bougainville Ventures Inc. has signed a second lease agreement with a private Washington state, Tier-2 I-502 licensee to lease up to 21,000 square feet of I-502-compliant space from the Bougainville Ventures campus in Oroville, Wash. Bougainville Ventures has been involved with the licensee as a consultant and in the infrastructure development capacity at its current location.
The Tier-2 tenant currently is ready to harvest this years crop at the end of the month. Bougainville and the tenant have agree to the terms of the lease and will occupy a one acre parcel of land, following building, property and infrastructure improvements. The new tenant has been in operations since 2015 and has extensive experience and contacts in supplying the extract market in Washington State.
The company would also like to add that it has completed its due diligence on the additional three acre parcel and will be moving forward to close on the transaction.
CEO, Andy Jagpal Commented: “With the addition of this second tenant lease for the Washington property, our business model is now well underway. We will continue to execute on our Cannabis Infrastructure business model to serve the needs of tenant-growers in the US and Canada.”
About the Washington I-502 Marijuana Market
In November 2012, the Washington State Liquor Control Board (WSLCB) passed Initiative 502 (I-502) pursuant to a vote by the people of the State of Washington. I-502 authorized the WSLCB to regulate and tax recreational marijuana products for persons over twenty-one years of age and thereby created a new industry for growing, processing and selling of Washington State-regulated recreational marijuana products. A recent WSLCB commissioned report by the Rand organization suggests that there are currently up to 650,000 recreational marijuana users in Washington State, worth approximately $1.25 – $1.5 Billion USD in annual sales.
About Bougainville Ventures, Inc.
Bougainville provides cannabis infrastructure and seed-to-sale services to I-502 tenant-growers leasing greenhouse facilities space and providing fully built-out, turnkey solutions and ancillary services including processing, cannabis expertise and marketing and sales resources. Greenhouse canopies provide a 50% saving in cultivation cost. Bougainville has 10,000 sq.ft., in near production in Oroville, WA.
We seek Safe Harbor.
Tags: #smallcapstocks, $TSXV, CSE