Sylios Corp Shifting Investment Priorities From Cannabis To Self Storage Industries

ST. PETERSBURG, FL --- (SpareFoot & GlobalNewswire)

Sylios Corp. has sought riches in oil and natural gas exploration and in the burgeoning cannabis industry. Now it sees riches in self storage.

A St. Petersburgh-based holding company run by a former hedge-fund operator, Sylios has announced that it’s currently developing the first of a handful of self storage facilities in the southeastern region of the country. If all goes well, the head of Sylios says the company’s long-term intent is to either sell the properties or spin off the unit into a separate real estate investment trust (REIT).

“It’s a good business with good cash flow,” Wayne Anderson, president and chairman of Sylios, said of the self storage industry. “We see this as a nearly recession-proof business, or at least as recession-proof as you can get.”

Not that Sylios, an over-the-counter traded company, sees a recession coming. Anderson said Sylios started eying self storage nine years ago, when it bought property in Macon, Georgia for the specific purpose of building a self storage facility.

But the oil and natural gas market – a business that Sylios was heavily invested in at the time – took a dive around 2010 and Sylios had to put its self storage plans on hold. Only now is it getting around to building a facility with 194 self storage units and 15 boat/RV parking spaces in Georgia, he said.

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From cannabis to self-storage

Five years ago, Sylios, seeking to diversify its holdings, got into the emerging legal cannabis business, via the Greater Cannabis Company, specializing in the development and commercialization of delivery systems for cannabis products, specifically Cannabis-derived cannabinoids (CBD).

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Now Sylios has taken its self storage idea off the backburner and put it in motion in Georgia, said Anderson, whose firm hopes to open the facility early next year.