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Vernon  

True Leaf now selling phase one of its Monashee Gateway business park

True Leaf pumps biz park

North Okanagan cannabis company True Leaf is selling phase one of its Monashee Gateway business park project in Lumby.

The first phase includes six lots covering 7.8 acres valued at $6.4 million. An additional 32 acres will be subdivided and developed in subsequent phases.

"This project is an innovative financial solution that secures the future of True Leaf," says CEO Darcy Bomford. "If successful, it will allow us to continue to invest in our new business model and launch our market-ready services program for micro-cultivators on strong financial footing. Our focus remains on working towards delivering strong and sustainable value for our shareholders."

True Leaf's 19,500-square-foot craft cannabis facility will anchor the business park. The project, which has full local government and community support, will create a diverse and vibrant economic hub in Lumby, says Bomford.

The site offers a variety of possibilities for build-to-suit industrial, manufacturing and office users. The project also provides a unique opportunity for craft cultivators to access land zoned for regulated cannabis activities.

"Demand for industrial land in British Columbia is at an all-time high," says Jeff Brown, team leader at William Wright Commercial Real Estate Services and sales agent for the project. "The market's response has been extremely positive surrounding this project, and this opportunity provides accessibility to the same product at a fraction of the cost compared to the neighbouring city only a 10-minute drive down the road. We are looking forward to attracting new businesses to the Village of Lumby and anticipate that this will be a common trend as companies pivot towards ancillary markets for more approachable property values."

True Leaf is a licensed producer of cannabis preparing to launch a program to provide path-to-market services for micro-cultivators. The program will operate from the company's 40-acre property in Lumby and offer a full suite of in-house processing services to the craft cannabis community.



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