Nearly a decade ago, Greenstone Resource Partners LLC, a private company backed by global investors, bought almost 500 acres of agricultural land here in Cibola. In a first-of-its-kind deal, the company recently sold the water rights tied to the land to the town of Queen Creek, a suburb of Phoenix, for a $14m gross profit. More than 2,000 acre-feet of water from the Colorado River that was once used to irrigate farmland is now flowing, through a canal system, to the taps of homes more than 200 miles away.

Greenstone first arrived in Cibola a decade ago – though few here knew anything of the company at the time. Through a subsidiary called GSC Farm LLC, the company purchased 485 acres of land in the Cibola valley in 2013 and 2014, for about $9.8m. Hardly anyone in town took notice.

Initially, Greenstone leased that land back to farmers, who planted fields of alfalfa and rows of puffball cotton.

Then, in 2018, the company sold the water tied to that farmland to Queen Creek, a fast-growing sprawl of gated communities on the outskirts of Arizona’s capital. The city’s government agreed to pay the company $24m for the annual entitlement to 2,033 acre-feet of Colorado River water.

In July of last year, amid continuing legal challenges and national scrutiny, that water was finally diverted. The alfalfa and cotton fields were fallowed – reduced to dry brush and cracked earth.

Many in town were blindsided. “We were all just like: what the heck?” Irwin recalled.

GSC Farm, she realized, wasn’t really a farm at all – it was part of a water investment firm that had brokered water transfer deals all across the south-west.