A cannabis business park about a three-hour drive west of Denver is poised to get a lot bigger.
Zoned Properties, owner of the Marijuana Business Park in the small mountain town of Parachute, said in a news release that the site will grow to 35 acres from its current 1.5 acres.
The Arizona-based publicly traded medical cannabis real estate company hopes to attract cultivators, processors and retailers for what it calls its flagship business park. Last month, the company unveiled plans for what it says is Arizona’s first MMJ business park.
Zoned Properties said it expects to close on the Parachute expansion in late June, adding that the deal is “contingent upon the approval of the company’s proposed development deal with the town of Parachute.”
Zoned Properties Chief Executive Bryan McLaren said in an email the earliest the park could open is the fourth quarter of 2016. He said there are still “several months of design, planning and permitting” left to finish.
Terms of the deal are still being negotiated. The company bought the initial 1.5 acres for $500,000. If the project moves forward, the business park eventually will be a “net-zero” energy use facility, the company said in the news release.