CGrowth Capital Inc (OTCMKTS:CGRA) announced that the Washington State LCB has granted Wildfire Cannabis Company, LLC, its lessee, with its initial approval on the Company owned location and suggested that they may go ahead with the work on location. Wildfire has planned its interview with the LCB to further assess the license and site on May 1. The initial data from the LCB can be stated as a positive response, knowing that the site can boost the other operations. As per Washington statutes, each property is allowed to host up to maximum three Tiers three marijuana operations.

The laws

As expected by many people, Washington Governor Jay Inslee approved a Senate Bill 5052 last week. The new law is directed at folding in the uncontrolled medical marijuana segment into the regulated recreational industry. The law is effective from July 1, 2016 and is forecasted to boost business. Wildfire Cannabis, the lessee of CGrowth, is a licensed processor and tier 3 marijuana producer. It is permitted to manage marijuana plant production of area ranging from 10,000 sq feet to 30,000 square feet. It is also allowed for additional processing within the State of Washington.

The license

The license held by CGrowth Lessee allows it to cultivate, harvest, dry, cure, trim and package pot into lots. They can be made available for sale at wholesale to pot processor licensees and also to other producer licensees. In addition, a pot producer can also cultivate and sell marijuana seed, plant tissue culture and plants to other producer licensees. The company’s lessee is permitted to process and package usable marijuana and pot-infused products to offer at wholesale to marijuana retailers in the entire state, including firm’s properties.

In the last trading session, the stock price of CGrowth Capital Inc (OTCMKTS:CGRA) jumped impressive 100% to close the trading session at $0.00600.