The Confederated Tribes of Warm Springs, which is moving forward with its vertically integrated cannabis project in Oregon that it had previously suggested could yield sales of $26mm, has partnered with a joint venture formed last May by Sentinel Capital Partners LLC, based in Florida, and Strainwise Consulting (OTC: STWC), based in Denver. The Sentinel-Strainwise JV, which was announced last May, will provide both capital and expertise to help the tribe develop the project, which includes a cultivation facility on tribal land and three dispensaries.
The project will employ 85 tribe members that will be trained by Strainwise. Construction of the greenhouse (designed by Nexus Greenhouse Systems) and offices is estimated to cost $4.3mm, while opening three dispensaries will require about $500K in renovations. The JV will lend $3mm to the tribe, which is investing $1.8mm, and provide a $2mm line of credit to support operations as well.
The JV’s CEO is Chris Hardiman, who is Associate Director at Sentinel Capital Funding. Strainwise Consulting is closely associated with Denver cannabis cultivator and dispensary Strainwise and describes itself as a branding and fulfillment services enterprises that provides consulting and operational services to its captive stores and other independent retail stores. The company has struggled as Strainwise has run into issues with the Colorado Marijuana Enforcement Division. Hardiman stated that the challenges aren’t a major concern for Sentinel.
Read Aaron West’s “Warm Springs tribes look out of state for marijuana help”: http://www.bendbulletin.com/localstate/marijuana/4017356-151/warm-springs-tribes-look-out-of-state-for#
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