A California marijuana-based real estate development and property management company for the cannabis industry called Canna-Hub has recently broken ground on a first-of-its-kind cannabis-only business park in Mendota, California. “While so many have doubted us, I knew we could pull this off,” Canna-Hub CEO and Founder Tim McGraw told ABC30.
The Mendota location held a groundbreaking ceremony on July 26, and local officials say they look forward to the positive economic impact the project will have on the city. It is one of two Canna-Hub cannabis business park locations; in addition to Mendota, Canna-Hub has a site in Williams, California.
““There are cannabis guys trying to do real estate, and real estate guys trying to do cannabis,” McGraw said in article on Curbed.com. “But there are few people who know both worlds, and have actually built large-scale facilities.”
McGraw has been developing and managing real estate for over 20 years and has become a cannabis industry expert over the last five years. Prior to Canna-Hub, McGraw was the CEO of the largest cannabis cultivator and manufacturer in Illinois and held two of the 21 permits.
The company promises that this new location will bring 100 much-needed jobs and funnel about $800,000 into the struggling city of Mendota. The business park will operate in a 100,000-square-foot facility on 16.5 acres of land.
With California marijuana sales predicted to hit $3.5 billion in 2018 and $5.1 billion in 2019, the Mendota business park positions the city’s residents to profit greatly from the green rush. At the same time, Canna-Hub offers some of the lowest permitting fee in the state of California, making these properties even more attractive to operators.
Canna-Hub has announced that Cresco Labs, a leading innovator developing professional-grade cannabis products across the country, is already a tenant. Cresco’s tenancy expands their company presence into California. With dozens of cannabusinesses eager to get tenancy in a cannabis business park, Canna-Hub is already working to identify sites throughout the west coast and Canada.
Once filled, the cannabis campus will hold a greenhouse and third-party testing lab among other cannabis operations. Through collaboration of its tenants, the business park will have the ability to cultivate indoors, manufacture, distribute and transport the products to locations throughout the state.