As voters weighed in on allowing cannabis sales in Redmond in Tuesday’s election, an indoor, climate-controlled cannabis farm is up for auction nearby in Deschutes County.

On Tuesday, 53.1% of the votes were in favor of recommending to the Redmond City Council that the city allow licenses for cannabis dispensaries. Since 2015, when voters statewide approved recreational cannabis, the city of Redmond opted out.

Current city law bans all cannabis business licensing.

The 2,800-square-foot cultivation facility is at 4859 N. U.S. Highway 97, north of Redmond city limits, and is one of 72 production facilities licensed in Deschutes County by the Oregon Liquor and Cannabis Commission as of February. It sits on a 15-acre site.

It’s been a wild ride for cannabis cultivators, who have struggled to turn a profit in the past few years as prices have fallen below a point that makes Oregon cannabis a viable business, said Beau Whitney, founder and chief economist at Whitney Economics, which tracks the cannabis industry.

Added to the glut in the market is the banking situation. As long as cannabis is illegal on the federal level, cannabis growers don’t have access to low-cost capital from a bank. This is forcing more cannabis growers and retailers to seek relief by walking away from their operations.

“The average revenue per (cannabis) license is below the level of viability,” said Whitney. “It’s a broken model. Regulators have lost sight of the commercial viability of the market.

“The cannabis industry is adrift.”

According to information provided by Hilco Real Estate Sales, the company listing the facility for sale, the site can yield a harvest that ranges from 330 to 660 pounds.

In addition to the indoor farm there is a manufactured home on the property, according to the listing. There is enough land at the site to add additional processing facilities.

The real estate company is accepting bids on the property through 5 p.m. Nov. 20. To bid on the property, go to Hilco Real Estate’s website.

“The cannabis industry is adrift.”

— Beau Whitney, founder and chief economist at Whitney Economics.