Contract cannabis manufacturer Natura Life + Science has completed a private round of financing for the construction of a large, vertically integrated cannabis campus in Sacramento, California.
What Happened
The company raised $91 million to build a facility that it said will span over 265,000 square feet. Once fully operational, the facility will offer cultivation, manufacturing and extraction, as well as wholesale packaging, distribution, a delivery-only dispensary, branding and marketing services, according to Natura.
The facility will be Leadership in Energy and Environmental Design (LEED)-certified, the company said.
"There were many reasons we chose Sacramento for our FIRST campus," CEO Ori Bytton told Benzinga in a statement. "It's the capital of the great state of California, home to an amazing and experienced agricultural and manufacturing labor base, two local universities, a reasonable cost of living - not to mention an ideal temperature profile and 300 days of sunlight per year."
Why It's Important
Natura said it has obtained conditional permits for cultivation, manufacturing, distribution and the dispensary. It has also applied for 19 corresponding licenses.
The first facility will be able to produce upwards of 80,000 pounds of dried flower per year and process 750,000 pounds of dry material.
Natura plans to make sustainability a core feature of its operations at the new campus. The cultivation process will be aimed at reducing greenhouse gas emissions, with water-efficient irrigation, cooling, collection treatment and reuse of water runoff.
The company said it will focus on helping existing brands scale, but will also seek out cannabis entrepreneurs with ideas that will require help to bring to life.
What's Next
Natura expects to start manufacturing, distribution and delivery in the third quarter of 2019. Cultivation is expected to commence at the beginning of 2020.
Related Links:
The Week In Cannabis: A&F Tries CBD, GW Pharma Soars On Results, Denver Decriminalizes Mushrooms
Photo courtesy of Natura Life + Science.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Click on the image for more info.
Cannabis rescheduling seems to be right around the corner
Want to understand what this means for the future of the industry?
Hear directly for top executives, investors and policymakers at the Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9.
Get your tickets now before prices surge by following this link.