Culture Cannabis Club officially opened its doors with a soft opening on Saturday.
Located in the Towne Center at 31524 Railroad Canyon Rd. (between the POA offices and city administration offices), Culture Cannabis Club was selected out of a pool of seven applicants to receive the first Commercial Cannabis Business Permit in the City of Canyon Lake.
The agreement between Culture Cannabis Club and the city guarantees the city a one-time, up-front payment of $205,000, plus $155,000 annually in contributions to civic/nonprofit organizations in Canyon Lake, an ongoing percentage of gross revenue to the city of 15.1 percent, and a minimum revenue share payment of $305,000 each quarter.
In other words, Culture Cannabis Club will pay the city either 15.1% of its gross revenue or $305,000 each quarter, whichever is greater. The agreement guarantees ongoing revenue to the city of no less than $1,220,000 per year.
Culture Cannabis Club will be hosting a Culture Day event on September 30. Details about this event and a ribbon-cutting hosted by the Canyon Lake Chamber of Commerce will be published at a later date.
