CATHEDRAL CITY, Calif., Jan. 19, 2021 /PRNewswire/ -- Today, Kings Garden, the original and largest cannabis cultivation, processing and manufacturing company in California announced a joint venture to fund a new 24K sq. ft. grow facility in Cathedral City, Ca. The $9.5M deal supports the brand's continued expansion in California - #1 cannabis market in the U.S. Construction on the facility is set to begin later this month, with a projected completion date of end of 2021.
Founded in the Coachella Valley, this new facility further cements Kings Gardens' ties to the region, providing job opportunities to the local community. With the continued explosive growth of the market, the Cathedral City operation will allow Kings Garden to meet the increased consumer demand for their top-ranked indoor flower, which is on track to be fully planted by the end of the year. In order to meet this high demand, the new addition will feature 500 lights -- adding 15% to Kings Garden's current operation that includes 3,400 lights -- allowing for more product and growth of specific strains to be carefully cultivated and cared for.
"We're working to get this operation up and running and could not have done this without our dedicated partners," said Michael King, co-founder, Kings Garden. "This facility represents another step in achieving our growth strategy of dominating the California market and fits perfectly into our long-term expansion plan."
"From day one, our focus at Kings Garden has and continues to be on the superior quality of our product," said Lauri Kibby, co-founder, Kings Garden. "We project the new facility to increase revenue 10% by the close of 2022. Ultimately, continued expansion like this puts Kings Garden in a position to feed the larger national market as the federal legalization policies continue to be at the forefront of the conversation."
The company has achieved steady growth most recently driven by the continued exclusive distribution of Kings Garden's packaged product in California by Cresco Labs' subsidiary Continuum - one of California's largest full-service distribution businesses as well as extending its long-term real estate relationship with IIPR with an acquisition of a Southern California property comprised of approximately 200K sq. ft. of industrial space.
About Kings Garden:
Based in Coachella Valley, Kings Garden Inc. is California's predominant cannabis cultivation, processing and manufacturing company, specializing in the world of premium grade boutique products at an unsurpassed commercial scale. Now one of the largest producers in California, Kings Garden prides itself on having organized a highly experienced cannabis management and operations team, while being fully compliant and licensed across the state of California.
From its inception, Kings Garden has held unwavering values focused on superior quality of end products, its team of management and employees who are considered family, giving back to local communities, and the advancement of the cannabis industry as a whole.
For more information, please visit the Kings Garden website at https://kingsgarden.com/.
SOURCE Kings Garden