Privateer Holdings To Lease Cannabis Warehouses Throughout Washington State
Company Plans To Lease Warehouses To Canna-Business Owners
The State of Washington began accepting business license applications a few weeks ago. According to reports, the state has already received more than 1,300 applications, reinforcing the thought that legal cannabis could mean big business in Washington next year.
Accordingly, a plethora of companies have attempted to position themselves atop of the industry through networking, strategic relationships, and deliberate branding. The budding cannabis industry has received a great deal of investor interest as well.
Angel investors and private equity firms alike have started jumping in to the cannabis market, especially when considering ancillary businessesthat don’t “touch the leaf.” These companies are often preferred, because they are safer in the scope of federal law.
“Privateer Holdings launched Arbormain to serve as a “start-up accelerator” in the cannabis sector.”
Nonetheless, some investors have begun to put money directly towards the legal cannabis industry in Colorado and Washington in hopes of large returns.
Privateer Holdings is a Seattle-based private equity firm that invests in canna-businesses. Privateer Holdings is best known as the parent company for Leafly, but the firm’s portfolio also includes Arbormain – a new subsidiary with plans to open large-scale grow warehouses throughout the state of Washington.
Arbormain Will Lease Warehouse Space For Legal Cannabis
Brendan Kennedy, Privateer Holdings CEO, told Puget Sound Business Journal that the company launched Arbormain to serve as a “start-up accelerator” in the cannabis sector. They will lease warehouse space to entrepreneurs with a business license for cannabis production, processing, or testing.
Arbormain has purchased three sites in Spokane County and plans to build five facilities with 500,000 square feet of space. One can lease up to 30,000 square feet of space in their warehouses for $4 per square foot. They will be used for everything from cultivating and harvesting raw cannabis to producing infused edibles.
To date, five businesses have agreed to lease warehouse space and there are 16 more applications pending.
“Every brand doesn’t have to use the color green or have leaves plastered over it.”– Brendan Kennedy
According to Kennedy, Arbormain will provide services that haven’t been “afforded to most (cannabis) companies in the past.” For instance, their warehouses will include meeting and break spaces, 24-hour security, and internet access.
Kennedy explained to the Puget Sound Business Journal that he expects Arbormain’s professional atmosphere to encourage business owners to raise the industry standard. In turn, he hopes the facilities will help minimize the negative stigma attached to the cannabis community
“We are tired of the clichés. Every brand doesn’t have to use the color green or have leaves plastered over it,” he said. “There is an opportunity for professional people in this industry.”
Registration for Arbormain warehouse space will close December 31. Interested businesses may apply via the company’s website.
Brendan Kennedy is Co-Founder and CEO of Privateer Holdings, Inc. In turn, he is the Chief Executive Officer of their subsidiary companies – Leafly and Arbormain.Before co-founding Privateer Holdings with Michael Blue, Kennedy received his …
Leafly got its start in June 2010. It is a Seattle-based company that started out by building a strain database to help patients choose the right medicine for their needs.After being acquired by Privateer Holdings, …