by Rick Thompson/September 18, 2019
A new notice from Highway 33 Capital Advisory shows at least 15 “dispensary, grow and processing” local licenses are for sale in Michigan, including a $12 million property in East Lansing.
The property and local license opportunities listed in the company’s September 17th mailing range in price from an $899,000 unopened dispensary in East Tawas to the East Lansing non-operating dispensary listing at $12 million. The mailing uses both the old term ‘dispensary’ and the proper classification ‘provisioning center’.
In addition to Michigan, Highway Capital’s emailed solicitation offers cannabis industry properties in Nevada, Colorado and California. The East Lansing property carries the largest price tag of any single location opportunity advertised in the mailer.
Other deals available for non-operating dispensaries include a $6 million deal in Lapeer; a $1.495 million East Tawas license; a $4.6 million opportunity in Traverse City; $3.5 million dispensary in Owosso; $2.9 million dispensary in Alma; another for $2.195 million in Battle Creek; a $1.9 million dispensary in Adrian; Egelston Township has 2 dispensary opportunities at $2.9 million each; Muskegon at $1.5 million; and a Kalamazoo Township local license at $2.96 million.
For $3.75 million you can purchase a Grand Rapids building tandem available for a provisioning center and a cultivation facility. At $7 million you can get a Lansing provisioning center and processing lab in two adjacent buildings. In Flint, a building zoned for both cultivation and processing is only $3.5 million for 54,000 square feet.
Each of these opportunities do not include automatic approval by the state’s Marijuana Regulatory Agency. That process has been streamlined and sped up since the elimination of the Licensing Board by executive order in March, but can still take months to complete.
The company claims to have $80 million in “monthly deal volume.” Details about these properties may be difficult to get, since the company’s message implies they require a non-disclosure agreement and proof of financing before engaging in negotiations. The company’s website, highwaywon.com, is “still under construction” and they offer just a phone number and email for contact information.