![]() The Company has a strong balance sheet and healthy cash position of $12.99 million (end of Q2 2021). The appraisal value of the land exceeds the acquisition price, and Vibe will fund the $3.3 million construction cost with a mixture of working capital and mortgage financing. The Company anticipates the construction cost of Monterey Phase 1 to be $3.3 million for 66,000 square foot of greenhouse cultivation, including building and site costs. The Company has commenced its 66,000 square foot Phase 1, with the future potential to develop 188,000 additional square feet in future Phases 2 and 3. ![]() Vibe’s Monterey acquisition will serve as its flagship greenhouse cultivation facility. Vibe Growth announces it has acquired 10 acres of land previously having 254,000+/- square feet of greenhouses in Monterey County, California for a total consideration of USD $5.1 million in cash. ![]() The Monterey greenhouse acquisition allows us to scale and grow our cultivation and production, meet the demand for our branded products, and grow margins significantly,” stated Mark Waldron, CEO of Vibe Growth Corporation. Our strategy in California has been focused on vertical integration, cultivation, and retail sales. “Vibe continues to deploy capital prudently in the highest growth and margin areas of the California cannabis market. – August 19, 2021) – Vibe Growth Corporation (CSE: VIBE) (OTC: VBSCF) (FSE: A061) (the “Company” or “Vibe”), a leading vertically integrated multi-state cannabis enterprise, announces the closing of its previously announced purchase agreement for the acquisition of a 10-acre parcel of land in Monterey County, California for 254,000 square feet of potential greenhouse cannabis cultivation (the “Greenhouse”). Vibe has completed the purchase of 10 acres of F40 zoned agricultural land in Monterey County, CaliforniaUSD $5.1 million purchase priceVibe has commenced Phase 1 development: Permit application submitted 66,000 square feet of mixed light greenhouse cannabis cultivation footprint13,000 pounds of high potency cannabis flower per annum in Phase 1Estimated construction cost of $3.3 millionEstimated 12 month return on capitalFuture full potential 254,000 square feet of greenhouse cultivation
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