A Salinas cannabis company has recently expanded into Oregon and Nevada as well as become public on a Canadian stock exchange.
Indus Holdings, Inc., has already added more than 20 jobs in the previous month to its Californian operations, which include cultivation, manufacturing and distribution in Monterey County and Los Angeles, said Robert Weakley, CEO of the business.
“We believe Salinas and Monterey County should be the home of cannabis,” he said.
Indus currently employs more than 280 people, and that doesn’t include a 24,000-square-foot cultivation facility two miles from Las Vegas and 6,000-square-foot operation near downtown Portland bought by Indus this quarter, Weakley said.
As part of that, Indus also will take over W The Brand vape and concentrated cannabis manufacturer, he said.
“One of our big focuses is building brands. We want to build national brands,” he said.
But financing for the industry is still clouded by the contradictions in federal and state laws, spurring traditional banks to avoid the budding industry, he said.
So, on April 30, Indus went public on the Canadian Securities Exchange (CSE), he said.
“In Canada, cannabis is 100 percent legal, so banks up there will bank with the cannabis industry,” he said. “… New York’s stock exchange won’t allow any cannabis on the exchange.”
Cannabis is grown and processed at Pacific Reserve, a nursery and cultivation site south of Salinas, April 19, 2019. (Photo: JOE SZYDLOWSKI/SALINAS CALIFORNIAN)
Many U.S. companies have registered with the CSE because it is the only stock exchange in North America that will list cannabis companies with U.S. operations, according to a December 2018 Bloomberg article.
It says U.S.-based cannabis companies raised $1.1 billion (US)