LEEF Brands said it has now entered escrow on the property related to its earlier announced $7 million financing and transaction Salisbury Canyon Ranch. This announcement follows the initial press release on June 1, 2023, concerning the sale of a 60% interest of its wholly owned cultivation and real estate assets in Santa Barbara, California.
“Signing the purchase agreement and entering escrow on this property represents a significant step forward in our strategic plan to improve upon LEEF Brands' already successful large scale manufacturing company. It brings us one step closer to realizing our vision of developing one of the largest biomass cultivation sites in California, allowing us to enhance our supply chain, improve upon our product quality and consistency, and ultimately bring a better offering to our customers," said LEEF CEO Micah Anderson.
“LEEF Brands has been a leader in scaled manufacturing in California since the inception of proposition 64 over seven years ago,” commented Emily Heitman, Chief Operating Officer. “One of the issues we commonly see in California is the prolific use of pesticides on surrounding non-cannabis crops leading to crop damage or crop failure on licensed cannabis material throughout the state. This ranch is uniquely positioned geographically to ensure mitigation from these types of common crop failures we see on the market.”
