DENVER, Sept. 25, 2019 /PRNewswire/ -- PRESS RELEASE -- Diego Pellicer Worldwide, Inc., a marijuana brand and development company, has announced that it has executed a letter of intent to purchase a second cannabis cultivation facility in Denver. The fully upgraded, 16,279-square-foot cultivation facility produces approximately 2,650 pounds of medical and recreational cannabis per year.
"We have been aggressively implementing our new business model which includes direct ownership in cannabis operations. Diego Pellicer Worldwide has announced letters of intent to purchase a retail location, processing facility, a cultivation facility and now, this second cultivation facility," said Ron Throgmartin, chief executive officer of Diego Pellicer Worldwide, Inc. "With this second facility, Diego Pellicer Worldwide will have more than 29,000 square feet of space producing more than 4,500 pounds of cannabis each year. We look forward to working with the Colorado Marijuana Enforcement Division to garner approval for Diego Pellicer Worldwide to become a fully licensed cannabis company."
The letter of intent for the first cannabis cultivation facility in Denver was announced on Sept. 10, 2019. That modern, 13,000-square-foot cultivation facility produces approximately 2,000 pounds of cannabis per year.
The non-binding letter of intent is subject to compliance with the Colorado Marijuana Enforcement Division and House Bill 19-1090. The letter of intent will be followed by a contract once rulemaking for Colorado House Bill 19-1090 has concluded and the Marijuana Enforcement Division has issued regulations guiding the process for public companies and out-of-state investors to apply for cannabis licensing ownership. The completed regulations and application process are expected in November 2019 after the final public comment hearing is held on Oct. 8. Diego Pellicer Worldwide, Inc. has been actively engaged in the rulemaking workgroups, working alongside other stakeholders to assist and help complete the rulemaking process.