According to azcentral, investors are purchasing rural farmland in Arizona in order to sell water to urban homebuilders. Along the western edge of Arizona, investment company Greenstone bought 485 acres of farmland and is now pending federal approval to sell the majority of its water entitlement to the town of Queen Creek, a suburb in Arizona. The Arizona Republic found that Greenstone and related companies have purchased at least 8,863 acres of farmland in Arizona in recent years. The company is active in other states as well, including Colorado.
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