Investors Expand Phantom Farms in Rouge Valley, Oregon
Phantom Farm's outdoor operation cultivates 80,000 square feet of "mighty tasty" cannabis in the famous Rouge Valley, in Southern Oregon, and will undergo further expansion of 40,000 square feet in its 2018 cultivation operations. In addition to its outdoor operations, Phantom Farms has a 5,000-square foot, state-of-the-art indoor facility, which includes a wholesale distribution warehouse and an extraction laboratory located onsite. Phantom Farms currently employs 45 full-time, highly skilled industry workers; an additional 30 skilled laborers are employed during a harvest season.
According to company officials, operating in Oregon since 2008, Phantom Farms is a well-established, ubiquitous company, with "Clean Green Certified" cannabis cultivation operations, including expertly crafted and highly sought after branded products, which are currently available in over 175 Oregon dispensary locations.
Pursuant to the signed term sheet, C21 will be acquiring 100% of Phantom Farm's membership units. C21 will retain the current Phantom Farm management team.
C21 has agreed to invest new capital to expand Phantom's cultivation, processing, branded products and wholesale distribution operations. The partnership between new capital and experienced management will strengthen C21's competitive position in Oregon, company officials said. C21's expansion of Phantom's operations will generate more good paying jobs and economic development in the state and more quality opportunities for a multitude of Oregon business partners in the industry.
Sky Pinnick, the CEO of Phantom Farms said, "We are thrilled to become part of the C21 family. With the financial backing of C21, we look forward to expanding our reach in Oregon and beyond its borders. The Phantom brand has strong potential across North America and internationally as our industry matures."
Robert Cheney, C21's CEO added, "This partnership is a strategic move as we implement our national rollout strategy. We were very impressed with Phantom's brand strategy and market presence which we plan to expand in Oregon and deploy to other states."
Closing is expected to occur in the third quarter of 2018, conditional upon completion of due diligence and regulatory acceptance.
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