PA Going Rec
On Tuesday, Jake Wheatley (D) and Dan Frankel (D) rolled out a bill to legalize marijuana in Pennsylvania. In the bill, the sponsors emphasized that the plan is to enact a policy change the prioritizes social equity for communities most harmed by the war on drugs. This comes months after the two circulated a cosponsorship memo urging colleagues to get on board with the cannabis reform. "We think we have the industry standard," Wheatley said at a press conference with supporters. "You've heard me over and over again, year after year, talk about this important issue. For some, it's an economic question. For others, it's a question around access and opportunity. But the baseline of why I've been harping on this for as long as I have is the social and criminal justice reform aspects."
Columbia Care NY
CCHWF has received approval from the New York State Department of Health to commence cultivation and processing operations at its new facility in eastern Long Island, New York. The first harvest is planned for Q4 2021. The acquisition of the Riverhead location was announced in April 2021. The first cultivation phase will entail 30,000 square feet of the canopy to begin a perpetual harvest cycle in the fourth quarter. Subsequent phases will utilize more of the 740,000 square feet of functional greenhouse space, and 200,000 square feet of incremental grow capacity. The expanded square footage will support the growing medical market, with potential inclusion in the forthcoming adult-use program, with canopy caps expected. It will also eventually provide cultivation space for potential social equity business collaborations as New York's cannabis industry evolves. This facility will serve Columbia Care's four existing medical dispensaries across the state and wholesale distribution to the New York metropolitan area, one of the most densely populated urban areas in the United States. Presently, the Long Island location offers additional cultivation capacity for the Company's existing Rochester facility, serving more than 150,000 medical patients since 2015. As a current Registered Organization, Columbia Care intends to add four medical dispensaries in New York, for a total of eight dispensaries in the state, three of which will be co-located with adult-use, pending regulatory approval.
IIPR IN NY
Lots of PR's about NY these days!. IIPR recently announced the expansion of its long-term real estate partnership with Goodness Growth Holdings, Inc. by acquiring 92.3 acres of land in New York for $10.23 million. The move comes as part of its strategy to enhance its portfolio and bank on the healthy market fundamentals. The land is neighboring a property that the Company has leased to Goodness Growth, where both companies will join forces to develop 324,000 square feet of industrial space. Therefore, simultaneously, the Company amended its existing lease with Goodness Growth at the adjacent property to include this new project. Upon the completion of development, Goodness Growth plans to operate the consolidated property as a licensed cannabis cultivation and processing facility. The reimbursement of up to $46.1 million for the construction of the new building is expected to be provided by Innovative Industrial to Goodness Growth.
