Vibe Growth Corporation announced that its greenhouse development site located in Monterey County has been approved for a commercial cannabis cultivation license by the State of California's Department of Cannabis Control. Vibe's Monterey greenhouses will serve as the Company's flagship cultivation facilities in California. The Company has commenced its 70,000 square-foot Phase 1, with the potential to develop 188,000 additional square feet in future Phases 2 and 3. The Company has a strong balance sheet and will complete the Phase 1 buildout without debt, and notably, significantly under budget.

The Monterey greenhouses will utilize low iron glass, allowing full-spectrum ultraviolet light transmittance located on the Company-owned 10-acre property in Monterey County, California. Greenhouse materials ordered from Europe in 2021 will be delivered on-site starting in June 2022. Phase 1 development involves the construction of approximately 70,000 square feet of greenhouses for high-quality cannabis cultivation.

Included in the Phase 1 construction plan are the conversion of existing wood greenhouses, one of which will be used to develop a genetic stock and propagation program to feed the new glass greenhouses, and the others used for flowering. The construction plan also includes a processing facility and a separate distribution center to support the cultivation operations.