This Marijuana Company Just Bought 1.900 Acre Ranch For Cannabis Cultivation
Portfolio Pulse from Nina Zdinjak
LEEF Brands Inc. has acquired a 1,900-acre ranch in Santa Barbara County for cannabis cultivation. The company sold a 60% interest in the ranch for $7.0 million, the proceeds of which will be used to finance the operation of one of the largest biomass cultivation sites in California. LEEF will retain 100% ownership of the state cannabis licenses and will manage the ranch and cultivation operation exclusively. The company's shares closed 22.56% lower at $0.023 per share.
September 20, 2023 | 12:51 pm
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LEEF Brands Inc. has acquired a 1,900-acre ranch for cannabis cultivation. The company sold a 60% interest in the ranch for $7.0 million to finance the operation. Despite this, the company's shares closed 22.56% lower.
The acquisition of the ranch for cannabis cultivation is a significant move for LEEF Brands, indicating expansion and growth. However, the company's shares closed significantly lower, suggesting that the market may have reacted negatively to the news. This could be due to concerns about the company's financial position or the risks associated with the cannabis industry.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100