Advanced Cannabis Solutions Acquires Office Space
Ryan Allway
October 27th, 2014
News, Top News
[stockchart symbol=CANN]
Advanced Cannabis Solutions Inc. [stockquote symbol=CANN], a service provider to businesses in the regulated cannabis industry, recently announced that it has completed the acquisition of 6565 East Evans Avenue in Denver, Colorado. Management plans on repurposing the former Bank of the West branch into a multi-tenant office building serving the cannabis industry.
“We are pleased to announce the closing of this transaction,” said Advanced Cannabis Solutions Inc. CEO Robert Frichtel. “The launch of The Greenhouse is our most exciting project to date. We have already seen a significant demand for tenants and members of The Greenhouse and are more confident than ever that it will serve as a hub of intellectual capital, and a meeting place for the industry.”
The Greenhouse was acquired through a joint venture with Evans Street Lendco LLC, which provided a 2-year $600,000 mortgage on the building with a 14% interest rate and no cash interest payments due until July 1, 2015. In connection with the closing, Advanced Cannabis Solutions Inc. issued Evans Street Lendco LLC warrants to purchase 600,000 shares of common stock at $4.40 a piece.
The Greenhouse will serve as Advanced Cannabis Solutions Inc.’s new corporate headquarters. The company also has plans to repurpose its existing Colorado Springs offices into a regional version of The Greenhouse, providing similar services in the Southern Colorado Cannabis Marketplace. Management is also exploring opening additional locations based on the current demand.
Shares of Advanced Cannabis Solutions Inc. rose 10.8% in early trading on Monday, October 27, 2014 following the news release.
This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.
About Ryan Allway
Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.
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