Bluevault Organic Marijuana to continue construction of premier outdoor cannabis cultivation production facility near Whistler, BC
FOR IMMEDIATE RELEASE: Vancouver, October 23 2019 – Following a recent decision by the Supreme Court of British Columbia, a proposed cannabis cultivation facility in the Pemberton Valley will have its Building Permit reinstated by the Squamish Lillooet Regional District (SLRD) after having it unlawfully revoked without cause in 2018. Construction on the facility had commenced prior to the Permit being revoked and with the reinstatement, may now continue.
Colliers International, a global leader in commercial real estate services and investment management, was retained by Bluevault Organic Marijuana Ltd. (Bluevault) in mid-2018 to handle the sale of the future cannabis production facility.
Situated on 135 acres of Agricultural Land Reserve (ALR) land in the Pemberton Valley, north of Whistler, BC, the offering was the first cannabis operation in the province to be publicly marketed through a commercial real estate firm. The property received significant interest from prospective purchasers including a conditional Letter of Intent from a local investor group. However, before the purchase was completed, the SLRD revoked the building permit. The Court’s decision to reinstate the building permit was delivered on September 19th, 2019.
“This is a big win for Bluevault, and for cannabis producers across British Columbia,” said Alan Johnson, Vice President of Unique Properties at Colliers International. “We are excited that Bluevault will see their facility developed following the effort and time they have committed to it.”
The property has already received approval from Health Canada for the retrofit of an existing structure that could provide in excess of 50,000 square feet of indoor marijuana cultivation. According to Bluevault’s owner, an acquisition of this facility in late 2019 would provide for an operating facility in 2020. Furthermore, in June 2018, Health Canada passed legislation to allow for the provision of outdoor cultivation. This would allow the majority of the 135-acre farm to be utilized for cannabis production, providing a rare vertically-integrated opportunity to grow, process and package organically-grown product on one property.
“It’s an exceptional opportunity for entry into this still developing market, and we are excited to recommence marketing immediately,” said Bianca Gilbert, Senior Associate, Industrial Sales and Leasing for Colliers. “Given their current status, Bluevault is in the unique position to be one of the first facilities in British Columbia to have a substantial operational and outdoor growing component.”
Once built, the Bluevault operation will be one of only three Standard Cultivation Licenses within the Pemberton region, the others being Whistler Medical Marijuana Corp. (WMMC), and Coast Mountain Cannabis. Similar to WMMC, the Bluevault operation is intended to be one of only a handful of 100 per cent organically-certified licenses out of the current 230-plus producers of licensed cannabis in Canada. Bluevault will have the capacity to produce over 9,000 kilograms of medical marijuana per year from its indoor operation.
In addition to its dedicated Canada-wide cannabis brokerage team, Colliers has also delivered in excess of 10 million square feet of cannabis facility projects through Colliers Project Leaders.
More information about Bluevault and other properties can be found at uniqueproperties.ca and collierscanada.com
About Colliers International
Colliers International (NASDAQ, TSX: CIGI) is a leading global real estate services and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning approximately 40% of our equity, have delivered industry-leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management. Learn more about how we accelerate success at corporate.colliers.com, Twitter @Colliers or LinkedIn.
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