CGrowth Capital Inc (OTCMKTS:CGRA) confirmed the execution of a Letter of Intent with Wildfire Cannabis Company, LLC. As per the announced deal, the company will lease a part of its properties in Chewelah. Wildfire Cannabis has a Tier 3 Producer and Processor License in state of Washington.
The management view
Bill Wright, the CEO of CGrowth Capital Inc (OTCMKTS:CGRA), said that the management is truly delighted about the new business opportunities being presented to the Company and its shareholders. The opportunities are a result of the new regulations and laws provided by Intiative-502 in Washington State. The guidelines as stated by I-502 enable CGrowth to extend leases to licensed cannabis producers, retailers and processors within Washington.
Mr. Wright further added that CGrowth view firms like Wildfire Cannabis some of the highest value lessee currently there in the state of Washington. By reorganizing the leases on the company’s properties, and leasing them to licensed operating cannabis firms, the management believe to maximize profits, lease rates, and in turn shareholder value.
CGrowth is a company in the budding industry of cannabis and its vision is to position its future and current real estate assets in a well planned way as to take full benefit of highest and best utilization of assets within cannabis industry, and to compete for leadership in the budding market. CGrowth perceives this as an exceptional opportunity going forward, and a strong first step toward potentially restructuring other available properties within the Company. Wildfire Cannabis Company is a licensed Tier 3 marijuana processor and producer, and is qualified to operate around 10,000 square feet to 30,000 square feet of pot plant production.
In last trading session, the stock price of CGrowth jumped more than 80% to close the trading session at $0.00280 on the massive share volume of 37.97 million.