Arcturus Growthstar Technologies Inc. has signed a Letter of Intent to purchase a 10-acre greenhouse in Florida that is already zoned for medical marijuana cultivation, according to a press release from the Canadian firm. The greenhouse falls under Florida’s strict criteria for cannabis manufacturing, which require applicants to have been in business for 30 years and to have grown at least 400,000 plants by the time of their application.
The greenhouse purchased by Arcturus has been family operated since 1959 and currently grows ornamental plants. Over the last year the property has generated over $2,600,000, with earnings before taxes, depreciation, and amortization of more than $400,000, the release says. William Gildea, Arcturus CEO and Chairman, said the company would continue producing the ornamental plants using the company’s Controlled Environment Agriculture technology “until Amendment 2 allow for the property to be converted for growing cannabis.” Gildea estimates that the company can quadruple the current ornamental plant yields.
“With this acquisition, Arcturus is potentially positioned as one of the public sectors first movers into Florida’s cannabis market,” Gildea said in the release. “This acquisition is in the designated legal grow zone with close proximity to Orlando, which has a local population of almost 2.5 million and attracts over 62 million visitors annually, making it a prime location.”
According to the release, if Floridians pass Amendment 2, the medical marijuana customer base in Florida could exceed a customer base of 400,000.
Florida joins Montana, Arkansas and North Dakota in considering implementing or expanding their medical cannabis programs during tomorrow’s general election.