Canna-Hub Envisions Expansion with Federal Tax Incentives in Williams, California
“The fact that our largest development is now located in an Opportunity Zone has made what was already a great investment opportunity even more attractive for our investors,” said Co-Founder & CFO Jonathan Charak.
According to company officials, these Opportunity Zone tax benefits are also applicable to the licensed cannabis operators that decide to locate within the Canna-Hub campus, which can create great new opportunities for our tenant’s investors as well.
“This is not a coincidence,” said Founder & CEO Tim McGraw. “We started development of the project in early 2017 before Opportunity Zones even existed. The main objective of all our projects is to support the growth of the cannabis industry by providing a comprehensive real estate solution for licensed cannabis operators, while bringing jobs and economic development to cities that need it the most."
McGraw added, “The Opportunity Zone designation is yet another of many advantages enjoyed by our operator tenants, along with benefits such as shared security costs and an onsite third-party testing lab. I am very excited to see the positive social and economic impact that the Canna-Hub development will have on the City of Williams.”
The new Federal tax law created Opportunity Zones to attract new investments in low-income communities by providing investors with significant tax benefits. Specifically, investors are able to defer tax payments on recent capital gains if those gains are reinvested in an Opportunity Zone fund or business, and gains on the new Opportunity Zone investment may ultimately become tax free, depending on the holding period for the investment.
The company’s Canna-Hub Business Communities, or “cannabis hubs,” can accommodate numerous license types allowing for third-party testing labs, indoor cultivation, greenhouses, nurseries, volatile and non-volatile manufacturing, tissue culture labs, distribution and transport.
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