Massive Cannabis Campus Lands $91 Million Funding Deal
A massive cannabis campus that’s gearing up in southeast Sacramento has received $91 million in funding.
The site, which fills about 11 acres at 8280 Elder Creek Road, will be one of the largest vertically integrated cannabis operations in California, according to Natura Life + Science, the Sacramento-based company that plans to operate the campus.
Since the project was approved by Sacramento city planners in the fall, Natura has taken over as the new leadership team behind the project, Natura CEO Ori Bytton said. Previously We Grow CA, a cannabis real estate company based in Sacramento and also run by Bytton, had been leading the project. Natura took over the project on Jan. 1 , Bytton said.
The leadership team is similar, as it still includes Bytton and chief operating officer Craig Powell. The Natura team also includes several new hires who will run the site’s technology, marketing, operations and cultivation.
Bytton anticipates the 265,000-square-foot campus will be complete by the end of the year. The site is set to include cultivation, research and development, manufacturing and distribution all within the same site. Bytton estimated that it will employ upward of 300 people.
The new $91 million funding deal will primarily go toward construction, which is estimated to cost about $50 million, as well as developing the business, Bytton said. The funds were from private investors, according to Bytton. He declined to identify them and didn't respond to questions from the Business Journal about the structure of the deal.
Some of the financing is also likely to go toward a new incubator space, which will be located within about 5,000 square feet on the campus, Bytton said.
“We want to empower entrepreneurs to launch brands,” he said.
In recent months, plans for the site have also grown to include a visitors center and new spaces for the campus’ employees, including a communal outdoor fireplace, a yoga area and a basketball court.
Natura also recently entered into an exclusive partnership with an Israel-based edible cannabis company, Cannibble. The partnership will allow Natura to manufacture and distribute Cannibble’s lineup of of edible, cannabis-oil infused products, which include pancakes, popcorn, shakes and falafel, according to the company’s website.
It will be the first time Cannibble’s products will be available outside of Israel, according to a news release.
“Our model is basically licensing out products from product developers in adult use and also medical products,” Bytton said.
Source — Sacramento Business Journal and Felicia Alvarez