In last trading session, the stock price of Grow Condos Inc (OTCMKTS:GRWC) surged for more than 27% to close the day at $1.07. The gains came at a share volume of 442,236 compared to average share volume of 11,987.
Grow Condos, a real estate manager, purchaser, and developer of specific use industrial assets offering “condo” style grow facilities for the cannabis industry reported that it has closed on the acquisition of the land to meet the requirement of additional units under management in Oregon. The plans demand for the Eugene project to be advanced and offered into industrial condos for nearly $150,000 per unit meant for the basic shell.
Grow Condos discovered in is first development in Medford region that there is a tremendous opportunity to sell customized units with a number of different types of growers. Moreover, it projects to earn extra ancillary income for its consulting and advisory services. The company’s first development was a rental unit development and now is 100% fully occupied.
The expert speaks
Wayne Zallen, the CEO of Grow Condos, said that they are very delighted to have closed on their second facility. They have already commenced targeting suitable locations for their third facility. The management believe that once they have built a proper platform, there will be tremendous opportunities to establish its footprint across nation in the segment of industrial condominium facility parks particularly aimed at the marijuana industry.
Grow Condos manage, own, lease and sell multi-tenant properties. Its focus is on a pick-and-shovel approach to become a part of the growing marijuana industry. They finance the acquisition and/or development of assets by providing investors debt instruments, limited partnerships, or private placement sponsorships. The management believes there is a considerable investor demand for such offerings. For now, the company manages and own a warehouse in Eagle Point.