In the crazy world that is the cannabis industry right now, there are expansions and contractions occurring all over the country.
The latest sign of market upheaval is a Colliers International real estate listing for a former Zenabis production facility on British Columbia’s Annacis Island.
For $11.75 million, a buyer can get a 1.18 acre site with a 25,000-square-foot building that is licensed by Ottawa for the cultivation, processing, and sale of medical cannabis. “In addition,” the real estate listing says, “the current owner has an application with Health Canada to expand their License to include Analytics Testing within the facilities newly constructed laboratory.”
“Although the facility was utilized primarily for cultivation, the intent was to operate the facility for processing and third-party analytical testing in addition to internal analytical testing for the Vendor’s larger global organization.”
The $11.75 million asking price is a $1-million reduction, according to the sales brochure.
Buyers of the Annacis site would also get oil extraction equipment and a full analytical lab.
Despite the pending sale, Zenabis still has a huge footprint in British Columbia, currently converting a 2.1 million square-foot greenhouse in Langley to cannabis production.
Zenabis shareholders have had little to cheer about in recent weeks. Share prices (ZENA) were at $0.095 at the time this was posted, down from a 52-week high of $1.23.