Vibe Growth is continuing the expansion of its Sacramento Cannabis Campus.
"Cultivation expansion remains a top growth priority, having significantly improved its growing efficiencies translating to increased harvest yields and additional grow cycles, and achieving a recent record of 37.7% THC content cannabis harvest," the Vibe team explains.
"The first phase of construction shall expand canopy and increase Vibe's annual cannabis production to $8.3 million US at the existing Vibe-owned 2-acre Sacramento Cannabis Campus, including new vegetative grow, flowering and drying rooms. This is in addition to our Crescent City annualized forecast greenhouse revenues of $6.0 million," they explain. "The additional canopy square footage is to be achieved by upgrading the existing Vibe cultivation buildings and current cultivation operations to a two-tiered vertical growing system using advanced irrigation and nutrient delivery systems. The additional canopy is expected to increase the yield of premium indoor flower and trim/biomass for use in Hype Cannabis Co. retail products."
The second phase of construction is subject to customary regulatory approvals, upgrade of electrical service and construction of a new building on land owned by Vibe. "Phase 2 of construction will add an additional $10.9 million US in cultivation production to the additional $6.1 million US annual production from Phase I expansion," they continue. "Initial planning of the new building has commenced and the expansion will entail construction of a new building, site servicing, and fixturing of new vegetative grow, flowering & drying rooms."
Mark Waldron, CEO of Vibe, stated, "Our expansion goals on our Sacramento campus are to add an additional $17 million annually in high-margin and high-quality cultivation revenues. Our cultivation expansion will provide us significant economies of scale and the ability to improve margins, generating an optimal return for Vibe shareholders. In addition to allowing us to take advantage of opportunities in the state for premium indoor flower, expanding our cultivation capabilities underpins our plan to increase the degree of vertical integration for our Hype Cannabis Co. products, as well as the continued expansion of our retail footprint in California."
For more information:
Vibe Growth Corporation