CannaRoyalty (CSE:CRZ) announced the purchase of a licensed distribution and manufacturing facility in Cotati in Sonoma County, California for US$2.4 million.
As quoted in the press release:
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 percent) and manufacturing (1 percent)
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.