EDC Receives Permit for Washington State Cannatech Ag Center and Holds Groundbreaking Ceremony
November 22, 2016
We are pleased to announce that Ecosphere Development Company (“EDC”) received its building permit for the first phase of its Cannatech Agriculture Center in Finley, Washington.
A Groundbreaking Ceremony was held on November 18th and was attended by Ecosphere’s Dennis McGuire Sr., Dennis McGuire Jr., Corey McGuire, Pete Grosso, and William Mckay of McKay Construction. In addition to the Groundbreaking Ceremony and Event, EDC’s Custom-Designed Greenhouses and Buildings have arrived and are on location to be erected.
GROUNDBREAKING CEREMONY PHOTOS:
As part of its first installation in Washington State, EDC is constructing Phase 1 of its 6 acre Cannatech Ag Center that at complete build out will include up to forty-thousand square feet of growing canopy that is split among four licensed, Tier II tenants or ten-thousand square feet per tenant. Each Cannatech Ag Center will be a turnkey, high tech growing facility that will maximize quality and increase plant yield. EDC plans to build and lease each Cannatech Ag Center to licensed I-502 growers in Washington State that will pay monthly rent and licensing fees to EDC for the use of the facility, EDC has begun construction of Phase 1 and has signed preliminary leases with its first tenant. Upon completion of construction and the granting of a license to the tenant – which can only occur after completion of construction – the tenant intends to commence growing marijuana in accordance with Washington State law.
Dennis McGuire, Chairman and CEO of Ecosphere, said “This Groundbreaking Event marks a significant step forward for the Shareholders of Ecosphere and the unique Business Model that has been developed with EDC. We have spent the past 2 plus years locating and acquiring our land in Washington State, designing our facilities and structuring a business model that is expected to generate significant monthly recurring revenues over a potential lease term of up to 30 years.”
McGuire continued, “Rather than leasing buildings or warehouses with no technology in them, EDC is building the most state-of-the-art, turnkey “Smart” growing facilities that have been engineered to produce consistent, high quality, increased plant yields. We plan to replicate this model of designing, building and leasing turnkey growing facilities not just in Washington State, but throughout the entire United States market where States have approved either medical and or recreational use of marijuana.”
ABOUT ECOSPHERE DEVELOPMENT COMPANY
Ecosphere Development Company, LLC. (“EDC”) is a wholly owned subsidiary of Ecosphere Technologies that was organized to develop and lease turnkey, high tech Agricultural Centers in locations around the United States that are geographically, politically and economically well positioned. EDC’s first project is located in Southeastern Washington State, where water and natural resources are plentiful, with over 300 days of sunshine per year.
For more information, please visit http://www.EcosphereTech.com/Divisions/Ecosphere-Development-Company.