CannaRoyalty Continues Expansion of California Footprint with Purchase of Licensed Distribution and Manufacturing Facility in Sonoma County
- Strategically located and licensed 11,441-square-foot property in the city of Cotati in Sonoma County to complement CannaRoyalty’s existing California footprint
- The city of Cotati is one of California’s most attractive cannabis tax rate jurisdictions
- Including Cotati, 5 strategically located distribution and manufacturing facilities state-wide make CannaRoyalty the ideal partner for growing cannabis consumer brands
Ottawa, Canada – July 06, 2018 – CannaRoyalty Corp. (CSE: CRZ) (OTCQX: CNNRF) (“CannaRoyalty” or the “Company”), a leading North American cannabis products and brands company, announced today that it has purchased a licensed distribution and manufacturing facility (“Cotati”) in the city of Cotati in Sonoma County, California for US$2.4 million (the “Agreement”). Cotati will serve as an additional hub for distribution, as well as supporting manufacturing infrastructure, to meet the strong demand of CannaRoyalty’s distributed brand portfolio. In addition to the center’s strategic location, proximate to both existing Company assets and major transportation arteries, the Cotati property was an ideal choice because of the low initial local tax rates on distribution (0%) and manufacturing (1%)1.
Afzal Hasan, President and General Counsel of CannaRoyalty commented, “We continue to execute on our strategy, as reiterated in our recent financing announcement through the development of five facilities across California to capitalize on a historic opportunity to lead the largest and most diverse cannabis market in the world. With five distribution and manufacturing facilities, we have positioned ourselves as the partner of choice for a number of growth-oriented consumer brands that will be launching through our platform in the next several months.”
CannaRoyalty is a North American cannabis consumer product company currently focussed on building a leading distribution business in California, the world’s largest regulated cannabis market. By building a world-class logistics platform and supporting contract manufacturing assets, the Company intends to support the growth of new and established cannabis brands. The Company believes California, home to some of the world’s most discerning consumers and a nexus of information and trends, will be the point of inception for the global cannabis brands of the future. CannaRoyalty has developed a diversified portfolio of assets within the cannabis sector, including research, infrastructure and intellectual property to support our existing brands, partner products and distribution networks. The Company’s leadership and staff combines passion and a hands-on understanding of the cannabis industry, with proven financial and legal expertise. CannaRoyalty’s shares trade on the Canadian Stock Exchange (CSE) under the symbol CRZ and in the US on the OTCQX under the symbol CNNRF
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Jonathan Ross, CFA
LodeRock Advisors Inc.