“We are pleased to have reached this LOI to acquire this prime parcel of land as it has a long history as a plant nursery, which was first established in 1963,” says Mr. William Gildea, Arcturus Growthstar Technologies Inc.’s CEO and Chairman. “This acquisition will be an all-stock deal and greatly adds to our geographic footprint and overall strategy in the state of Florida. With the recent passage of Amendment 2, an initiative which significantly broadens Florida’s medical marijuana program, we want to be firmly established in the state and solidify our first mover advantage in one of the biggest potential cannabis markets in the United States.”
With this acquisition and the previously announced 10-acre greenhouse acquisition near Orlando, Arcturus has the potential, if fully licensed, to develop 25-acres of cannabis crops. If current state projections for the cannabis market size hold up to their $1.8Bprojection by 2020, Florida will have considerable demand for medical marijuana, even without factoring in the potential for recreational legislation.
This is an exciting acquisition for Arcturus as the 15-acre farm is located in a designated legal grow zone with close proximity to Miami. Arcturus and its experienced team of operators, including John Sweeney, former VP of Operations for Tilray’s 60,000-square foot Vancouver facility, is in a unique position as a Canadian based company because it is poised to quickly commence operations within the United States rather than potentially wait years to become a licensed producer under Canadian law.
For further information, contact William Gildea, Director, at 617.834.9467.