An Oregon-based company has announced plans to open a pot-friendly RV park called “Smoke on the Water.” This will be the third major project for Grow Condos, who currently provide warehouse space for marijuana growers in Eagle Point. The company has now entered into an agreement to acquire the Lake Selmac Resort & RV Park in Southern Oregon. The facility currently offers fishing, swimming, boating, RV parking, and tent or cabin camping, and Grow Condos plan to add marijuana to the mix.
“This is one of the most exciting ventures to date for our company,” said CEO Wayne Zallen. “This year we expect significant growth through this subsidiary, as we build, launch, and brand one of Oregon’s next beautiful cannabis friendly destinations.” If successful, the company hopes to expand their business model to campgrounds in other states that have legalized marijuana.
Like many startups in the cannabis industry, Grow Condos has been unable to secure traditional funding from banks, due to the ongoing federal prohibition of marijuana. "We just can't go to a bank and borrow money," Zallen said. The company must instead build cash reserves for their initiatives. Last March, the company received a $5 million investment form San Diego-based Tangiers Capital LLC.