High Hampton Moves Forward with CoachellaGro Project
August 3rd, 2018
The Californian cannabis industry is projected to exceed $7.7 billion by 2021, according to Arcview Market Research, making it one of the largest cannabis markets in the world. While there are many opportunities in Canada, investors have fewer options in the United States where cannabis remains a Schedule I Controlled Substance on a federal level. The good news is that there are some public companies that are well positioned in the space.
High Hampton Holdings Corp.’s (CSE: HC) CoachellaGro project provides investors with a compelling opportunity to capitalize on the state’s massive growth. With permits in place and construction beginning, investors may want to take a closer look at the stock.
California’s Growing Market
California was one of the first jurisdictions in the world to legalize medical marijuana back in 1996. Since then, the state has become a mainstay for the legal cannabis industry with thousands of growers and dispensaries, and millions of medical marijuana patients. The state’s cannabis culture has also rapidly evolved over the past several decades and the drug is becoming increasingly mainstream throughout society.
In November 2016, Californians approved Proposition 64 to legalize adult-use cannabis in a move that created one of the largest legal cannabis industries in the world overnight. State regulators have worked to develop the rules and regulations over the past year and half to govern the distribution and sale of cannabis under these new rules. And earlier this month, they published the first draft of permanent marijuana rules.
Arcview Market Research analysts project that the market will exceed $7.7 billion by 2021, making it one of the largest cannabis markets in the world. With new regulations in place, the industry is poised to become a major revenue center for the California government while efficiently serving millions of medical and adult-use cannabis users. Investors may want to take note of these trends as the new permanent rules go into effect.
CoachellaGro’s Massive Potential
High Hampton’s CoachellaGro project consists of a 10.8 acre property situated in the proposed cannabis industrial park located in Coachella, California. Management intends to build out the property to a full-service 257,000 sq. ft. cannabis production facility that serves third-party state-licensed medical marijuana operators.
On May 3, the company announced that the project was awarded a conditional use permit (CUP) and is entering an active construction phase. The company later announced that it retained Vertical Construction Co. as a full-service builder that specializes in ground-up construction for office, retail, biomedical, and pharmaceutical environments, which should help ensure that the building is constructed to GMP-certified standards.
Hiring Aurora for the Build Out
High Hampton recently hired Aurora Cannabis Inc.’s (TSX: ACB) (OTC: ACBFF) wholly-owned subsidiary, Aurora Larssen Projets Inc., or ALPS, to design the CoachellaGro cannabis cultivation facility. The industry-leading hybrid greenhouse engineering and design consultancy will advise the company on aspects of design, engineering, and construction of its facilities and ultimately work to ensure its long-term success.
“As we near the start of construction in Coachella, we continue to assemble a best-in-class team for this next phase,” said High Hampton CEO David E. Argudo. “By engaging and integrating the work of ALPS with Infrastructure Engineers Ltd. and general contractor Vertical Construction Inc., we will be able to fine-tune our design plans, ensuring the construction of highly-efficient cultivation facilities, resulting in high-quality, low-cost production.”
ALPS is led by the renown engineer, Thomas Larssen, and has set the industry standard for high-tech, automated, environmentally-controlled cultivation facilities. Over the past 30 years, the company has worked with five Canadian licensed producers to work on over 1,000 projects worldwide, including Aurora Cannabis’ Aurora Sky facility, which consists of 800,000 sq. ft. of growing space that is estimated that it will produce 100,000 kilograms per year.
High Hampton Holdings Corp. (CSE: HC) offers investors a compelling opportunity to invest in California’s rapidly growing cannabis industry. As California regulators work to finalize their plans, the company is working to construct its massive 194,000 sq. ft. greenhouse within the Coachella, California grow zone, located nearby Palm Springs and Los Angeles.
For more information, visit the company’s website at www.highhampton.com.
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