Vibe Growth announced it has entered into a purchase agreement to acquire 10 acres of land previously having 254,000+/- square feet of greenhouses in Monterey County, California for a total consideration of $5.1 million in cash. The acquisition is expected to close in Third Quarter 2021, subject to regulatory approvals, due diligence, and customary closing conditions. Vibe's Monterey acquisition will serve as its greenhouse cultivation facility. The Company will commence its 66,000 square foot Phase 1, with the future potential to develop 188,000 additional square feet in future Phases 2 and 3. The Company anticipates the construction cost of Monterey Phase 1 to be $1.1 million per 22,000 square foot greenhouse, including building and site costs. The Company has a strong balance sheet and healthy cash position of $13.4 million (end of First Quarter 2021) and anticipates using some debt capital for its Monterey construction.