540 3rd St
Lake Elsinore, CA 92530
Cadri Co, Inc. · Property For Lease

Summary: 9812 sq-ft Industrial Building with 3600 sq-ft enclosed yard in approved cannabis zone. Re-assignable CCUP application. Short startup time. See brochure for details. Details: In Q4-2017 the City Of Lake Elsinore (COLE) passed a cannabis ordinance and in 2018 began accepting Cannabis Conditional Use Permit (CCUP) applications up through approximately 15APR2018. Most types of cannabis business are acceptable to the COLE; as an example microbusinesses, test labs, product manufacturers, distributors, and dispensaries. A major limitation is no standalone dispensaries are allowed. In APR2018 we selected an applicant to lease our property who represented himself as a medical cannabis processor (type-6/7). Our applicant submitted a brief CCUP application and paid his application fee of approximately $21,000. Due to a series of unexpected events in DEC2018 our applicant abandoned his CCUP application and his lease obligation. We subsequently met with a chief COLE official and we were told the following: A. The CCUP application filed for our property address is still active and is now technically "owned" ("runs with land" ) by the property owner (CMLLC), not the previous applicant. B. The previously filed CCUP application can be reassigned to a new lessee-partner-investor of our choosing if that assignee operated a business on our property. C. We can lease to anyone interested in establishing a legal cannabis business, not just another previously approved COLE CCUP applicant. D. There is no fixed time limit for resubmission of a revised CCUP application on behalf of a new applicant. Nevertheless, CMLLC desires to get this done quickly. E. If a new applicant is responsive to the COLE's CUP application requirements then the COLE would likely approve a new CCUP application within ~90 days. In summary, our property comes with a pre-filed cannabis CCUP application ready to be assumed by and tailored for a new tenant. In 2019 we began marketing the property. We engaged with several promising prospects who have subsequently been dropped from further for consideration for various reasons. The property is now available again. General notes: a. We are not offering to sell the property or any portion of interest therein at this time. b. We are not offering to sell the CCUP application at this time (we can't; it "runs with land"). c. We will consider making the property available for lease to any well qualified and well funded cannabis business operator. d. We still favor medically oriented cannabis business operations, however, we are willing to discuss all offers, all uses. e. We are primarily open to expressions of interest in operating a business on our property that utilizes the CCUP application that is tied to our property. A business use that delays CCUP activation for a limited time might be acceptable. f. Due to certain legal complications we are only open to lease offers at this time. g. On behalf of our previous applicant in OCT2018 we led the effort of a 95% rewrite of our candidate's CCUP application (now 107 pages). We are offering our services to get a new (modified) CCUP application completed quickly. h. We will likely accept the first offer that meets our ROI expectations. - - - - - If you are interested in more information, then please respond via the email address provided on page 1 of the brochure linked below. Thank you for your consideration.