Carlsbad-based Strategic Global Investments Inc. (OTC: STBV) completed negotiations and signed an agreement to purchase Bearpot Inc., the controlling entity of an existing marijuana growing facility in Teller County, Colo.
As a subsidiary of Strategic Global, Bearpot will function as the marijuana incubation and development sector of the company. The transaction brings existing equipment and inventory, creating a model that the company can duplicate as legalization continues to spread and markets continue to open nationwide and in Canada.
Strategic Global's plan is to expand and renovate the cultivation process with state-of-the-art equipment in an effort to capitalize on the recent legalization and resulting demand of cannabis in Colorado.
The company has evaluated the industry and expects to be able to yield a harvest and generate revenues from the sale of plants by the fourth quarter of this year.