High Hampton Prepares for California Cannabis Licensing Update as it readies for Award of CUP and subsequent beginning of cultivation through CoachellaGro
High Hampton Holdings Corp. (CSE: HC)(FSE: 0HCN) (“High Hampton” or the “Company”) is pleased to announce that it has entered an extensive strategic planning phase as it awaits the award of the Conditional Use Permit (“CUP”) for its 10.8-acre CoachellaGro Asset located within the Coachella cultivation zone, California. With the legalization of recreational cannabis use in California as of January 1, 2018, the state is rolling out new license application processes, regulations and the track-and-trace system as part of the Marijuana Enforcement Tracking Reporting Compliance (“METRC”).
Although High Hampton’s focus is currently only on the cultivation and distribution of medicinal cannabis as a means to de-risk its asset and provide a higher value product, the Company is utilizing the extensive experience of its senior management team and strategic advisors to ensure compliance with all the latest regulatory provisions by the time it can begin cultivation. Management’s focus remains on preparing for probable policy updates and changes as the new regulations shape the California cannabis market.
As of January 1, 2018, only businesses who have been granted a temporary license through the Department of Public Health’s Manufactured Cannabis Safety Branch (“MCSB”) and the Bureau of Cannabis Control (“BCC”) can legally operate and sell for adult use. While the state is legalizing recreational use, there are still some local governments who have not established or passed ordinances for neither medical or recreational use. High Hampton’s wholly-owned CoachellaGro operation will utilize a 10.8-acre land parcel within a proposed cannabis industrial park in Coachella where by an ordinance, the City of Coachella has set aside 90 acres within which will be a legal framework for the cultivation, production, extraction and transportation of cannabis.
David E. Argudo, CEO of High Hampton, commented:
“I strongly believe that the legalization of medical and recreational marijuana creates a large opportunity for cannabis businesses in California. High Hampton is focused on medicinal cannabis as we move toward the new regulations for both recreational medicinal use. I am proud of the experience within our team to guide us in this important planning stage within the framework of the new regulations, and I am confident that we have the team to meet all future compliance obligations within the evolving regulatory framework such as tracking each of our plants from seed to sale within the deployed track and trace regulatory system METRC.”
About High Hampton Holdings
High Hampton Holdings is a cannabis sector investment company focused on opportunities in California. The Company’s wholly owned subsidiary, CoachellaGro Corp., is a California corporation focused on the development of a 10.8-acre property situated in the proposed cannabis industrial park located in Coachella, California. CoachellaGro is in the application process for a conditional use permit for development of a full-service production facility in order to serve third party state licensed medical marijuana operators. The City of Coachella has been progressive in setting up city ordinance that sets aside 90 acres within which will be a legal framework for the cultivation, production, extraction and transportation of cannabis. The complex is intended to contain all the necessary; security, infrastructure, equipment, labour and skilled management, supplies and ancillary services for a closed loop production process flow.
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