Canna-Hub Announces Largest Cannabis Business Park in Northern California is Designated as Qualified Opportunity Zone
SACRAMENTO, Calif., Jan. 16, 2019
SACRAMENTO, Calif., Jan. 16, 2019 /PRNewswire-PRWeb/ -- Canna-Hub, a California-based real estate development and property management company for the cannabis industry, today announced that the company's largest development in Williams, Calif., is located in a qualified Opportunity Zone as defined in the Tax Cuts and Jobs Act of 2017.
"This is not a coincidence," said Founder and CEO Tim McGraw. "We started development of the project in early 2017 before Opportunity Zones even existed. The main objective of all our projects is to support the growth of the cannabis industry by providing a comprehensive real estate solution for licensed cannabis operators, while bringing jobs and economic development to cities that need it the most."
The new Federal tax law created Opportunity Zones to attract new investments in low-income communities by providing investors with significant tax benefits. Specifically, investors are able to defer tax payments on recent capital gains if those gains are reinvested in an Opportunity Zone fund or business, and gains on the new Opportunity Zone investment may ultimately become tax free, depending on the holding period for the investment.
"The fact that our largest development is now located in an Opportunity Zone has made what was already a great investment opportunity even more attractive for our investors," said Co-Founder and CFO Jonathan Charak.
These Opportunity Zone tax benefits are also applicable to the licensed cannabis operators that decide to locate within the Canna-Hub campus, which can create great new opportunities for our tenant's investors as well.
McGraw added, "The Opportunity Zone designation is yet another of many advantages enjoyed by our operator tenants, along with benefits such as shared security costs and an onsite third-party testing lab. I am very excited to see the positive social and economic impact that the Canna-Hub development will have on the City of Williams."
The company's Canna-Hub Business Communities, or "cannabis hubs," can accommodate numerous license types allowing for third-party testing labs, indoor cultivation, greenhouses, nurseries, volatile and non-volatile manufacturing, tissue culture labs, distribution and transport.
For more information on securing space in Canna-Hub's Mendota or Williams, California, cannabis hub, visit: http://www.Canna-Hub.com or call 916-620-7999.
CHH LLC (dba Canna-Hub) was formed in 2017 to develop, manage and secure cannabis business parks, which are first of their kind in the industry. Canna-Hub identifies, acquires, and develops or repurposes real estate to create Canna-Hub Campuses. Canna-Hub works with underserved communities to facilitate business-friendly zoning ordinances, entitlements and fees. With over 2 million square feet under development in California, Canna-Hub has committed to build the most sophisticated and valuable real estate portfolio in the cannabis industry and is also seeking opportunities for development and sale lease back investments beyond the West Coast. For details on Canna-Hub and location specifics, visit http://www.canna-hub.com.
Public Relations Contact:
Chief Executive Officer
Investor Relations Contact:
Chief Financial Officer, Canna-Hub
Sales and Leasing Contact:
Gus Green, Director of Sales