Indus Holdings Inc. INDSINDXF revealed Thursday it has signed a letter of intent to lease a facility to accommodate expanded growing activities.
The California-based cannabis company noted that the letter of intent considers a lease for 20 years plus an extension option of five years.
The facility answers scale demands with 300,000 square feet, which is more than twice the company’s cultivation footprint, and also provides great lease economics. It is positioned close to the company’s Monterey County operations.
Indus projects that once the facility is completely functional it could add up to 50,000 pounds of flower capacity on an annual level. It should take around one year to set up the facility for the first harvest in 2022.
“This contemplated expansion is not just another leg in our journey towards becoming the largest producer in American cannabis," Indus Holdings chairman George Allen says. “It is also about collecting all our IP along with recent horticultural and technological developments into a purpose-built facility that will yield a wider variety of flower for the world’s most discerning customers.”
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