Chemistree Completes California Land Purchase

Chemistree Technology (CSE:CHM) announced it closed a transaction to purchase 9.55 acres of land located within the Desert Hot Springs, California.

As quoted in the press release:

Chemistree, through its indirect, wholly-owned California subsidiary CHM Desert LLC, has received final notification that title to the DHS property has been transferred and escrow has now closed on the purchase contract with an arm’s length vendor for the purchase of 9.55 acres of fee simple, vacant land in the City of Desert Hot Springs, Riverside County, California (the “DHS property”). Consideration for the purchase was $1,233,800 USD.

The DHS property can support development plans and a Conditional Use Permit application for a total of three (3) 68,000 [square feet] cultivation and processing buildings on the site totaling approximately 205,000 [square feet], together with the required ancillary space for parking, firefighting equipment and site security, based on the regulations of the City of Desert Hot Springs.

Click here to read the full press release.