Nabis Holdings Inc (CSE:NAB) (OTCMKTS:NABIF) has closed on the acquisition of a cultivation, production and fulfillment facility in Camp Verde, Arizona, the cannabis-investment company said Tuesday.
In a statement, the firm pointed out that this is its second announced acquisition in Arizona following an agreement to acquire a licensed medical marijuana business, which included a Phoenix dispensary specializing in top-tier flower, vape pens, edibles and CBD products.
The latest acquisition is a 44,000 square-foot facility, located on 2.5 acres. and is one of the largest industrial warehouses in the Verde Valley, which is near Phoenix.
READ: Nabis Holdings poised to acquire Phoenix dispensary, taking it into key Arizona cannabis market
In addition to its expansive floor space, the property features a 4,000 square-foot mezzanine, 2,000 square-feet of executive offices and a 2,000 square-feet production office. Nabis also said there is ample room for doubling growth given the facility’s 56-foot ceiling-height clearance.
Acting as the hub of Nabis’ operations, the company said the new facility will play an integral role in the expansion of its business operations, adding to its portfolio of vertically integrated assets in Arizona.
Both the zoning verification letter and business license to cultivate marijuana in the Town of Camp Verde are secured with the sale, and Nabis said it is currently in the process of completing the transfer of licenses.
Arizona continues to be a priority market for Vancouver-based Nabis as the state with one of the strongest limited-license, medical cannabis markets in the US.
“We are excited to progress on our growth strategy in Arizona with the purchase of the Camp Verde facility in keeping with our mission to expand cultivation and production operations into next year, ” said Nabis CEO Shay Shnet.
“Our new hub, strategically located in the Southwest, will be designed with the highest standards in mind keeping production best practices as our mission. With the closing of this investment, we continue to work on expanding our footprint across US limited-license states as part of our US cannabis strategy.”
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