True Leaf cannabis facility for sale in North Okanagan

True Leaf cannabis facility for sale in North Okanagan

Cannabis company seeks joint-venture partner to shift focus to pets

Lumby’s True Leaf Cannabis Campus building is up for sale and the bid date is set for Nov. 29. But True Leaf isn’t going anywhere.

The 40-acre industrial property zoned for cannabis production is now listed on Unique Properties.

Director and public relations specialist Paul Sullivan said True Leaf is seeking a joint-venture partner to allow the company to focus more on its pet products.

“It’s less necessary to own a facility and more necessary to put our resources to expanding our pet division,” he said.

With its growing supply of pet products being sold in 3,500 stores around the world, Sullivan said True Leaf is seeing a lot of success on that front.

“We’re not focusing so much on growing cannabis, but building a pet business,” he said. “Cannabis is an ingredient, but it’s not the end product.”

The facility built in Lumby requires True Leaf to concentrate more so on the cannabis growing side of things, taking focus away from growing the pet sector.

“It would be great if we could get an arrangement where we have a partner who could purchase a significant portion of the project so we could work together to better our business,” he said.

The ideal candidate, Sullivan said, “is someone who is prepared to work with a long-term tenant such as ourselves.”

In August, the global cannabis brand completed the final step towards securing its licence for its 18,000 square-foot facility in Lumby.

The current phase of the two-story facility was completed earlier in 2019 on the 40-acre site. The facility is meant to be a central hub for the company’s operations in the region, serving as the initial grow area. It will also be used for whole-plant extraction and packaging of therapeutic cannabis products.

“This site evidence package is a significant milestone for True Leaf towards becoming a licensed producer of cannabis,” True Leaf’s founder and CEO Darcy Bomford said in August.

READ MORE: True Leaf reports record quarter

READ MORE: True Leaf closes in on licence for Okanagan cannabis hub


@caitleerach
Caitlin.clow@vernonmorningstar.com

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