Marina Del Rey-Based Sunset Island Group Announces Launch of Medical Marijuana Growing Facility

MARINA DEL REY, CA -- A Marina Del Rey-based company announced Tuesday that it has secured a lease on property approved to grow marijuana.

Sunset Island Group said it expects to begin planting the first light deprivation greenhouse by the end of April. As part of this, the company has filed for permits for 22,000 square feet of greenhouse space. Last week the Company’s space was inspected as part of the permitting process.

The 22,000 square feet of greenhouse space is expected to be able to generate up to 4,000 pounds of medical marijuana per year. The price per pound is currently $1,000 to $1,750, which would equate to $4 million to $7 million annually. The Sunset Island’s initial April planting should be harvested in July/August 2017, the company said.

The consumption of marijuana for medical and recreational use could grow to a $35 billion market by 2020, according to GreenWave Advisors. The research firm tracks the retail sales in the four states and the District of Columbia that have already legalized marijuana use. Those markets have experienced explosive growth since marijuana was approved, demonstrating the strong opportunity for industry players and state governments eager to gather the tax on sales and replenish their coffers, the firm said.

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