High Hampton’s CoachellaGro is a GO as Management Eyes California Market
June 19th, 2018
Exclusive, News, Top News
The U.S. cannabis industry is projected to hit $50 billion by 2020, according to Cowen & Co., driven by the legalization of adult-use and medical cannabis throughout a growing number of states. In particular, California’s market could become a $5.1 billion market opportunity over the coming years as the fifth largest economy in the world, making it one of the most attractive cannabis markets in the world.
High Hampton Holdings Corp. (CSE: HC) (FSE: 0HCN) is well-positioned to capitalize on California’s market after its CoachellaGro asset received final approval and its distribution strategy is starting to materialize. Investors may want to take a closer look at the stock as it begins building its cannabis campus in California and finalizes its deal to acquire a leading cannabis distributor based in West Sacramento.
CoachellaGro is a Go
High Hampton’s CoachellaGro is strategically located in a medicinal cannabis zone that’s 45 kilometers east of Palm Springs, 72 kilometers east of Riverside, and 210 kilometers east of Los Angeles. The company plans on building a 194,000 sq. ft. greenhouse facility for the purpose of medical cannabis cultivation. Since then, the company retained Vertical Construction Co. to build out a GMP Certified cultivation and processing space.
After receiving a conditional use permit on May 2, the public was given a 30 day appeal period to challenge the project. This period recently expired and the company recently announced on June 7 that the City of Coachella’s Planning Commission has ratified through resolution and amended requested conditions and parking variances. The move paves the way for the company to go forward with its buildout to bring the project to life.
“With the adoption of the resolution, variance, and the 30 day appeal process behind us, we can start the construction documentation process,” said High Hampton CEO David E. Argudo in the press release. “We have retained Vertical Construction Co. to assist us in the design build and provide input on the design process, early value engineering, and all the required coordination and consulting involved in the construction.”
Prepared for Distribution
High Hampton has made significant progress in building out its production footprint, and management is equally focused on building out its distribution ahead of time. In particular, the company is targeting California’s $5.1 billion cannabis industry, which has seen strong support from lawmakers.
On May 2, the company entered into a binding term sheet to acquire 8 Points Management LLC and its subsidiary Bravo Distro. Bravo is a fast-growing California-based cannabis distributor founded by the same team that served as the brainchild for one of the first companies in California to receive a permit for medical cannabis wholesale logistics, distribution,and transportation.
The acquisition will provide the following benefits:
- Access to an immediate distribution hub in West Sacramento.
- Adds a team of alcohol distribution veterans and cannabis industry experts.
- Foundation for building out a prominent distribution network throughout California.
“Securing distribution is a crucial if not the most important component of a successful business model for the California cannabis market,” said Mr. Argudo. “In 8 Points Management, we have found a well-positioned operator that offers a full-service distribution model for our industry and will help us establish access to major distribution hubs in strategic locations throughout California including a prominent location in West Sacramento.”
High Hampton Holdings Corp. (CSE: HC) (FSE: 0HCN) represents a compelling investment opportunity in California’s nascent cannabis industry. After formalizing its conditional use permit at CoachellaGro and moving to acquire distribution channels in California, the company is uniquely positioned to build its Coachella-based campus and distribute products throughout California’s large and growing market.
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