Business Journal News Network, By Eric Reinhardt, Date:

BJNN on Monday inquired about the purchase cost and the previous owner but the firm didn’t immediately respond. Canopy Growth in January said it plans to invest between $100 million and $150 million to anchor an industrial-hemp park

In its Monday news release, the firm said that design activities will begin “immediately” with construction starting this summer.

Canopy Growth wants to use the structure to build the infrastructure “necessary” to support hemp-derived cannabinoid extraction and related manufacturing together with providing an opportunity for participation by other businesses in the hemp industry.

With the location secured, Canopy Growth expects work to begin “quickly” on Pine Camp Drive with local contracted construction teams retrofitting the facility. It is anticipated that the operations will create “hundreds” of new local full-time positions, in addition to the contracted construction workers.

The state in January granted a hemp licence to Canopy Growth, allowing it to establish New York operations and build a facility for hemp-derived cannabinoid extraction and processing for various applications. The new hemp facility will be capable of producing tons of hemp extract on an annual basis.

“As we establish a stronger foothold in the exciting U.S. market, we want to do so in a way that prioritizes local vendors and creates meaningful career opportunities for people in the communities where we operate,” Bruce Linton, chairman & co-CEO of Canopy Growth, said in the firm’s release. “The vision for our investment is to create an ecosystem that inspires new entrepreneurs and generates more economic stimulus than a single company can offer. As we build the facilities, we’ll also attract like-minded businesses who share our excitement for the emerging hemp and hemp-derived cannabinoid markets.”

Canopy Growth will begin hiring senior leadership in late 2019 and recruit the full workforce in mid 2020. The firm has also started securing farm capacity to supply enough hemp for its own future extraction and formulation activities within the park. Canopy Growth also intends to prioritize farms within New York for the supply of hemp at this site.

Canopy Growth is hoping to attract businesses and researchers focused on every application of the hemp crop such as fibers, seeds, and hemp-derived cannabinoids. It also plans to begin approaching third-party organizations to join the ecosystem.

“We welcome Canopy Growth to Broome County with open arms. We haven’t seen an investment like this in Broome in some time, and we’re so excited a company like them is setting up shop in our area,” Broome County Executive Jason Garnar said. “With Canopy Growth coming to Broome County, we look forward to seeing the benefits in job investment.”

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