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Salinas, Calif.–(Newsfile Corp. – May 26, 2022) – Vibe Growth Corporation (CSE: VIBE) (OTCQX: VIBEF) (FSE: A061) (the “Company” Where “Vibe“), a vertically integrated California-based cannabis company, is pleased to announce that its Monterey County greenhouse development site has been approved for a commercial cannabis cultivation license by the Department of Cannabis Control (“DCC”). ) of the State of California.
Vibe’s Monterey Greenhouses will serve as the company’s flagship grow facility in California. The company has begun its 70,000 square foot Phase 1, with the potential to develop an additional 188,000 square feet in future Phases 2 and 3. The company has a strong balance sheet and will complete Phase 1 construction debt-free, including , significantly under budget.
“This is an important milestone as we continue to expand our operations to meet the growing demand for high-quality cannabis products in California,” said Mark Waldron, CEO of Vibe Growth Corporation. “Vibe continues to cautiously deploy capital into the highest growth and margin areas of the California cannabis market. Our strategy in California focused on vertical integration, culture and retail sales. The Monterey greenhouse allows us to evolve and develop our culture and our production. , meet demand for our branded products and significantly increase margins. We are exceptionally proud of the team’s efforts and look forward to accelerating our growth as the new facility is expected to be commissioned and reach full capacity in the second half of 2022.”
The Monterey greenhouses will use low-iron glass, allowing full-spectrum ultraviolet light transmission located on the company’s 10-acre property in Monterey County, California. Greenhouse materials ordered in Europe in 2021 will be delivered on site starting in June 2022. Phase 1 development involves the construction of approximately 70,000 square feet of greenhouses for the cultivation of high-quality cannabis. The Phase 1 construction plan includes the conversion of the existing wooden greenhouses, one of which will be used to develop a genetic stock and propagation program to supply the new glass greenhouses, and the others used for flowering. The construction plan also includes a processing facility and a separate distribution center to support cultivation operations.
Mark Waldron added, “Our investment in building the Monterey County Greenhouse is grounded in our strategic vision to establish a vertically integrated operation that controls cultivation, production and direct-to-consumer sales through our network of focused dispensaries. on California. offers many opportunities as long as production remains low cost and high quality, which essentially defines our Monterey cultivation facilities. »
Vibe Retail expansion strategy
Vibe’s management team continues to actively explore expansion opportunities as it seeks to add new dispensaries to its portfolio to meet growing demand for its Vibe By California and Hype Cannabis Co. products. Vibe is well positioned to continue to execute on its growth strategy of rapidly expanding its portfolio of retail dispensaries and complementing its seven existing dispensaries: Sacramento, Stockton, Redding, Palm Springs, Ukiah, Salinas and Portland (Oregon).
About Vibe Growth Corporation
Vibe Growth Corporation and its cannabis retail brand, Vibe By California, is a trusted, vertically integrated California cannabis company with retail dispensaries; cultivation of cannabis in greenhouses; high-end indoor cultivation; commercial distribution of cannabis; brand sales and marketing; e-commerce platform; home delivery; and Hype Cannabis Co. marijuana and CBD atmosphere some products. In California, Vibe is focused on maximizing shareholder value by accelerating organic growth, opportunistic acquisitions, struggling workouts and new license applications. The company operates retail and e-commerce under its iconic Vibe By California brand.
To learn more about Vibe, please visit: www.vibebycalifornia.com
Telephone: +1 416.479.9547
E-mail: [email protected]
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Caution Regarding Product and Forward-Looking Information
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words “anticipate”, “could”, “intend”, “expect”, “believe”, “will fly”, “projected”, “estimated” and expressions and similar statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the parties’ current beliefs or assumptions about the outcome and timing of such future events, and may be impacted due to general economic conditions or the ongoing COVID-19 pandemic. In this press release, forward-looking statements relate to, among other things, the company’s expectations for revenue, EBITDA profitability and adjusted cash flow, increased sales volumes and sales activities in company detail. Actual future results may differ materially.
The forward-looking information contained in this release is made as of the date hereof, and the parties undertake no obligation to update or revise the forward-looking information, whether as a result of new information, future events or otherwise, except if required by applicable securities laws. Due to the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein. The risk factors relating to the Company are described in the Company’s management report, a copy of which is available under the Company’s profile on SEDAR.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States. The Securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “United States Securities Act”) or any state securities law. securities and may not be offered or sold in the United States or to United States persons unless registered under United States securities law and applicable state securities laws or an exemption from such registration is available . Not for distribution to US Newswire services or broadcast in the United States. Failure to comply with this restriction may constitute a violation of United States securities laws.
Unlike Canada, where federal legislation uniformly governs the cultivation, distribution, sale and possession of medical cannabis under the (federal) Cannabis Act, readers are cautioned that in the United States, cannabis is largely regulated at the state level. To Vibe Growth Corporation’s knowledge, to date there are a total of 33 states, plus the District of Columbia, that have legalized cannabis in one form or another. Notwithstanding the permissive regulatory environment for medical cannabis at the state level, cannabis continues to be classified as a controlled substance under the Controlled Substances Act in the United States and, as such, practices or activities related to cannabis, including without limitation the manufacture, importation, possession, use, or distribution of cannabis is illegal under US federal law. Strict compliance with state cannabis laws will not relieve Vibe of liability under United States federal law, nor will it provide a defense to any federal proceeding that may be brought against Vibe Growth Corporation. Any such proceedings brought against Vibe could adversely affect its business and financial performance.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/125429