Price Drop Alert: This seller is highly motivated to sell quickly. Today, they have dropped the price by USD1.2M. The previous price was USD9.9M. The new liquidation price is USD8.7M.
This Firesale may be the Last Chance to buy a large, permitted and licensed Cannabis Farm in Santa Barbara County. The amount of permitted cannabis acreage has now been capped, and no permits will be issued to properties that did not make it in before the cap was reached.
Previously, Santa Barbara County’s Board of Supervisors approved a liberal set of approval ordinances for prospective applicants. Over time, the requirements for permitting became increasingly difficult. Existing operators were allowed to continue growing conditionally, as long as they had submitted their permit applications. The conditional permits expire at the end of this year 2022. The County Board of Supervisors has now implemented a cap for cannabis business licenses in the county based on permit applications received by July 9th of 2021. This means there will be a total of 1575 acres of cannabis cultivation in Santa Barbara County. No additional permits will be issued to applicants that applied after the cap deadline on July 9th, 2021.
45-acres of prime Approved Cannabis Cultivation Canopy that made it into the County’s Cannabis Acreage Cap prior to the deadline located on a 406-acre parcel.
The property is permitted for 27+ acres of hoop rows and 17+ acres of outdoor cultivation. Written agreements have been signed with all neighbors to support the conversion of the hoop row acreage into greenhouses as part of a CUP process
A permitted mobile home sits on the property. An existing accessory dwelling unit is currently going through the permitting process. (This is a beautiful property for developing a home).
Existing wells provide water for the property’s agricultural and living needs (total pump capacity is in excess of 200 gallons/minute).
All county licensing infrastructure requirements (installation of perimeter fencing, a high-tech security system, agricultural screening, property clean-up, etc.) have been completed. Obtaining final county department signoffs is in process. The property will be delivered with its operating business license in place.
The property is one of the last large, permitted and licensed cultivation assets available for purchase in the state.
State license applications are completed (but not yet submitted) for the entire 45-acre grow. Given state processing times, final approval is expected in time for a 2023 grow if submitted prior to calendar year-end 2022.
New Liquidation Asking Price USD: $8.7M ($193,333 per permitted and licensed acre). This price is a fraction of what similar large cultivated and licensed properties in the county would trade for. This is one of the last chances to acquire a large permitted and licensed Cannabis Farm in Santa Barbara County. Whichever company gets it will have the opportunity to grow in 2023 with a competitive cost advantage. This is an amazing property – I do not say that lightly.
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