Posted on June 16, 2021 / 358Listing ID: 264516APPLY FOR A REAL ESTATE LOAN
Cannabis & Hemp Insurance
Price : $2,950,000
Status : ACTIVE
Lot Size (Acres) : 44
Cap Rate : 19%
Power (AMPS) : 12,000
Cannabis or Hemp Use Allowed? : Cannabis, Hemp, Cannabis and/or Hemp
License Type : Medical
City Tax Rate : Durant
Year Built : 2020
Utilities : Water, Electricity, Gas, Sewer, Trash
Sale Type : Cash
Phone : 2145870059

Legal Medical Cannabis Farm with a Grow License for Sale

$2.95 million

A 42 acre cannabis farm located in Durant, OK (6 miles north from Texas Border, 75 miles to Dallas, TX). The farm is uniquely structured with 5 active tenants/grow contractors who pay monthly lease fees plus 15% of their gross sales. The total yearly rent amount and Misc. income is close to $500k and the projected commission from the annually harvested products is between $300,000 – $600,000. The farm has a single wide mobile house (16’ x 72’) that was completely renovated to be used as our office and generates 2 room monthly rental income. There are 3 old barns, and one has been remodeled to be a nursery room with dry foam insulation to grow clones and 200 indoor plants. A working well drilled in 2020 is situated in an insulated well house (metal shed, 12′ x 16′) with high quality water (540 ft deep). Two gate entrances were established. Inner roads were built with gravel (total 1800′).

The grow contractors occupy between 1 acre to 6 acres and have built their own greenhouses and paid for their fences (8’ tall chain link with bared wires on top). Currently, 50 greenhouses, 7 indoor rooms and 2-acre outdoor grow have been in operation in Phase I (18 acres). Phase II (24 acres – acquired the adjacent land in 2020) pasture has a large enough space for you to grow your own or lease the land to contractor growers or process by adding an OMMA processing license. Currently all the plants on the farm are registered with a Seed to Sale integration system called Cultivera and soon they will be directly reported to OMMA through METRC system that is supposedly due on May 26, 2022. All transactions have been recorded in Quickbooks for financial transparency. Both programs will be sufficiently trained by the seller to the new owner.

Farm equipment: CAT D4 bulldozer, Midi Komatz excavator, Kubota 95 skid steer, Kubota tractor is not included in price but could sell at the right price. We will stay to help the new farm owner to get all organized and to learn the whole system for 30 days. The reason to sell this lucrative and rare opportunity business is the owners want to retire and stay a half of the year in Colorado. The current CAP rate is 17% from the rental income. If the commission income is added, it has been additional 2% with market being down. This fall there will be a high possibility OMMA may approve Oklahoma to become a recreational state. The market will pick back up to the highest demand ever in the state history. The projected CAP could go up to 32%. 

For more information, please call Micky at 214-587-0059.

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Cannabis & Hemp Banking
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