CGrowth Capital Inc (OTCMKTS:CGRA) has been attracting a lot of business lately, especially from the cannabis industry. The company recently signed a letter of intent with the Wildfire Cannabis Company to lease some of CGRA properties to the company. Additionally, CGrowth has also acquired a new contract to conduct a survey of the quantity and value of dolomite reserves in an N.L. Olson mine. The company has also announced completion of infrastructure upgrades to its oil production assets in Wyoming.
CGrowth has agreed to lease some of its assets in Washington to Wildfire Cannabis. Wildfire is a tier 3 licensed marijuana producer. The site has already been approved by the LCB for the lease allowing the company to hold three operations in the state. A recent bill, due to be signed into law by 2016, is expected to drive more business to the state. As per the details of the bill, it is aimed at controlling the marijuana industry and turning it into a purely recreational and medical market.
For its survey operations in the dolomite mine, the company has already acquired the services of a professional engineer, who the company says is qualified to publish a CPR. The report would be in line with SEC standards for survey of the assets. The report is planned to be used for calculating the value of assets for the company’s balance sheet. The balance sheet would further be used to acquire further financing for the miner in question.
Additionally, CGrowth’s infrastructure developments have been made, while keeping in mind the problems commuters had to face when visiting the facility in winter. The company hopes that this would lead to an increase in the company’s oil production and sales. The CEO of CGrowth, Bill Wright, stated that the developments would help his company make full use of the company’s assets.
CGrowth Capital Inc (OTCMKTS:CGRA) closed at $0.0044, after gaining 7.32% on May 13. The company has 319.10 million shares being traded in the market, with a 52-week range of $0.00-$0.02.