SEATTLE, Aug. 16, 2016 /PRNewswire/ — Diego Pellicer Worldwide, Inc. (“Diego Pellicer” or the “Company”) (OTCQB: DPWW), a real estate and consumer retail development company that is focused on developing Diego Pellicer as the world’s first “premium” cannabis brand, today announces that the company has leased two facilities to grow operators in Denver, CO.
The grow facilities are licensed for both medical and recreational cannabis and are in excess of 30,000 square feet. The Jason Street grow facility is currently operating at 100 percent capacity while the Elizabeth Street grow facility is operating at 30 percent. The leases at both facilities are set to expire in 2020 and have five year options for renewal.
Ron Throgmartin, CEO of Diego Worldwide, stated, “The grow facilities we lease are best of class, allowing our tenants to compete from the start as they aim to become successful in this burgeoning industry. The cannabis industry is still in its early stages but through our unique commercial and retail business models we can substantially manage risk and generate leasehold revenue while capitalizing on the long term growth potential of the cannabis market. As our grow & retail tenants mature and demonstrate a track record of revenue generation and reliable cash flows, we will negotiate to acquire select tenants for equity and fully consolidate these businesses at attractive valuations, when State and Federal law permits.”