SEATTLE, Jan. 30, 2018 (GLOBE NEWSWIRE) -- CFN Media Group ("CannabisFN"), the leading creative agency and media network dedicated to legal cannabis, announces publication of an article discussing High Hampton Holdings Corp.’s (CSE:HC)(CNSX:HC)(HC.CN) CoachellaGro asset, which is uniquely positioned within California’s burgeoning market. With the potential for a near-term Conditional Use Permit, investors may want to take a closer look at the stock.
California Market
California’s cannabis industry is projected to hit $3.7 billion in 2018 and $5 billion in 2019, according to BDS Analytics, driven by the legalization of adult-use cannabis at the beginning of this year. With more than 40 million residents, California is the world’s sixth largest economy and the legalization of adult-use cannabis was a watershed moment for the industry. BDS Analytics believes that nationwide cannabis industry will grow to $24.5 billion by 2021.
The Medicinal and Adult-Use Cannabis Regulation and Safety Act went into effect on January 1, but the state’s cannabis industry is likely to experience a few growing pains. For example, cultivation operations need approval from both municipal and state governments to legally operate. These growers will also be forced to meet higher standards and relocate to facilities that are properly zoned with the Conditional Use Permits in place.
When it comes to federal level concerns, California Congresswoman Rep. Barbara Lee introduced a new federal act proposal that would protect state-legal cannabis from “excessive federal enforcement” in a sign of progress. This would effectively create a permanent protection similar to the Rohrabacher-Blumenauer amendment that prohibits the Department of Justice from arresting and prosecuting medical marijuana patients and providers in legal states. The bill known as the REFER Act (The Restraining Excessive Federal Enforcement & Regulations of Cannabis) takes it a step further to include recreational users.
“I am very optimistic that, in 2018, we can expect more discussion at the federal level than ever before,” said High Hampton CEO David E. Argudo after adding that he sees no changes to the legal framework for the company’s assets following the Sessions decision. “With the introductions of several bills, it is an indication that the federal government is interested in addressing and resolving the issue that hinders the cannabis industry’s progress.”
CoachellaGro Asset
High Hamptons has focused its efforts on the City of Coachella, which adopted two ordinances in January 2016 to permit medical marijuana cultivation and manufacturing wholesale facilities to operate and distribute medical marijuana products to retail outlets in other jurisdictions.
The company’s CoachellaGro asset is a 100% owned 10.8-acre property in an area where numerous Conditional Use Permits have already been issued. After paying $1.9 million for the property last year, management estimates that it could be worth upwards of $5.5 million once its application for a CUP is approved. The company anticipates securing the permit this quarter before opening the greenhouse and beginning cultivation next quarter.
“I strongly believe that the legalization of medical and recreational marijuana creates a large opportunity for cannabis businesses in California,” said Mr. Argudo. “I am proud of the experience within our team to guide us in this important planning stage within the framework of the new regulations, and I am confident that we have the team to meet all future compliance obligations within the evolving regulatory framework such as tracking each of our plants from seed to sale within the deployed track and trace regulatory system METRC.”
Looking Ahead
High Hampton Holdings Corp. (CSE:HC) represents a compelling investment opportunity in California’s nascent cannabis industry. Through its CoachellaGro asset, the company has sidestepped many of the concerns surrounding the industry, as far as zoning and regulations, while gearing up for the issuance of a Conditional Use Permit. At the same time, the state’s government continues to make progress on the legal front of the industry.
Please follow the link to read the full article: http://www.cannabisfn.com/high-hampton-benefit-californias-cannabis-progress/
For more information, visit the company’s website at http://www.highhampton.com/.
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