Land to grow: True Leaf lists cannabis-zoned lots
Published on September 23, 2021 by oz. staff
If you’re looking for a place to grow cannabis among friends, the Monashee Gateway Business Park in Lumby may catch your eye.
True Leaf Brands has listed for sale phase one of its Monashee Gateway Business Park project in Lumby. It includes six lots covering 7.8 acres of land valued at about $6.4 million in the Okanagan commercial real estate market. Another 32 acres will be subdivided and developed in later phases.
The company says the real estate play will strengthen its financial position as it prepares to launch its craft cannabis operations.
“This project is an innovative financial solution that secures the future of True Leaf,” says True Leaf CEO Darcy Bomford. “If successful, it will allow us to continue to invest in our new business model and launch our market-ready services program for micro-cultivators on strong financial footing.”
Craft cannabis anchor’s the project
True Leaf’s 19,500-square-foot craft cannabis facility will anchor the Monashee Gateway Business Park. The company says the project has full local government and community support.
While the site provides an opportunity for craft cultivators to access land zoned for regulated cannabis activities, the site itself offers a variety of possibilities for build-to-suit industrial, manufacturing, and office users.
“Demand for industrial land in British Columbia is at an all-time high,” says Jeff Brown of William Wright Commercial Real Estate Services who is sales agent for the project.
“The market’s response has been extremely positive surrounding this project, and this opportunity provides accessibility to the same product at a fraction of the cost compared to the neighbouring city only a 10-minute drive down the road. We are looking forward to attracting new businesses to the Village of Lumby and anticipate that this will be a common trend as companies pivot towards ancillary markets for more approachable property values.”
Find the listing here.