CannaRoyalty purchases California facility: Is CannaRoyalty Corp. on a roll? As an observer looking in, the answer appears to be clear: yes, it is.
For roughly the past five months, CannaRoyalty has been making noise. From investing in growth opportunities to generating substantial gains, the Ottawa-based cannabis company has proved itself to be a successful cannabis distributor with more to offer.
And on July 6th, CannaRoyalty offered more.
CannaRoyalty Purchases California Facility: One of Many
Last month, CannaRoyalty posted a financing report. Featured at the top, the Canadian company noted that it will be funding development of an additional five facilities across the state of California. Why? To "capitalize on its momentum and build for growth."
Therefore, Friday's announcement should not come as a surprise.
CannaRoyalty Purchases California Facility: Details on Cotati
Based in Cotati, a city in Sonoma County, California, the newly purchased CannaRoyalty distribution and manufacturing facility was purchased for $2.4M.
Here's what we know:
- The Cotati facility will act as an additional distribution hub.
- It will also support CannaRoyalty's manufacturing infrastructure.
- CannaRoyalty is purchasing the California facility because it will help to meet the demand of its distributed brand portfolio.
The location played a role in why CannaRoyalty settled on this particular California facility, too.
According to the press release, the Cotati property has low initial local tax rates on both manufacturing and distribution. The latter is 0%, while the former is 1%.
The CannaRoyalty Team Speaks
Everyone at CannaRoyalty is optimistic about the company's future. President Afzal Hasan even commented on the news and said that with a total of five distribution and manufacturing facilities, CannaRoyalty has positioned itself "as the partner of choice."
CannaRoyalty Stock: July 6th, 2018
The CannaRoyalty stock (CSE:CRZ) appears to be reacting in a positive manner. According to Google Finance, at 1:11 p.m. EDT, the stock was trading at $5.00. This means the stock was up 0.40% at the time.
Featured image: Twitter