Indie Growers Association Provides Industry Update and Announces Letter of Intent
CARSON CITY, NEVADA–(Marketwired – Dec 16, 2014) – Indie Growers Association (UPOT) continues to build out its business of leasing land, greenhouses and warehouse space to licensed growers in the legal marijuana business. The Company believes that the industry is poised for exponential growth.
A Wall Street Journal article published earlier this year stated that leasing to marijuana producers is a “growth” industry because of the “… difficulties legal marijuana entrepreneurs face when trying to find space.” A Denver Post article published around the same time supports this evaluation of the industry, noting that marijuana growing space in Denver is in very short supply.
The Company has first-hand experience with the demand for suitable growing space as its wholly owned operating subsidiary, River Ridge Sunshine Farms LLC, has recently signed yet another Letter of Intent to lease a parcel at its Prosser, Washington property. Dennis Boyle, a licensed medical grower from Walla Walla, intends for his company, Curative LLC, to sign a definitive lease agreement for a 10 year renewable lease of farm land and supporting infrastructure from River Ridge Sunshine Farms.
Each tenant on the property will generate approximately $200,000 per month in lease payments. With one tenant already under lease and 3 potential tenants under a Letter of Intent, the company could generate annual income of over 9 Million dollars if their licensees are approved and production begins.
In order to facilitate the demand for growing space, the Company plans to immediately raise $2 million in a private placement so it can begin construction as quickly as possible for those who have already stated their intent to lease land and buildings from River Ridge Sunshine Farms. It intends to raise another $15 million for construction over the long term to attract more growers to the property. With 14 parcels, all of which can accommodate at least one Tier 3 grower, the revenue potential is over $30 Million per year, and even higher if more than one grower can be accommodated on each parcel.
The Company will keep shareholders updated as new developments arise.
River Ridge Sunshine Farms LLC is a wholly owned subsidiary of Indie Growers Association. It holds a 10 year, renewable lease on a 14 parcel agricultural property in Prosser, Washington. One of the parcels has already been subleased to a licensed medical marijuana grower who is awaiting final approval of its Tier 3 license. Three additional parcels have now been reserved by other growers under Letters of Intent. River Ridge Sunshine Farms LLC intends to sublease all of the parcels to licensed marijuana growers.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements that involve risks and uncertainties, including the Company’s beliefs about its business prospects and future results of operations. Some factors that could cause actual results to differ materially include economic and operational risks, changes in anticipated earnings, continuation of current contracts, and other factors detailed in the Company’s filings with the Securities and Exchange Commission, including its most recent Forms 10-K and 10-Q. The Company forecasts provided above are dynamic and therefore refer only to this release date. The Company does not undertake to update any forecasts that it may make available to the investing public. This news release has been issued by the Company as required by law and per the Company’s listing and reporting obligations.
Indie Growers Association Inc.
Robert Coleridge, President
1 (888) 648 0488
1 (206) 400 7569