Cannabis multistate operator Green Thumb Industries has won local financial incentives to build out a $50 million cultivation and processing facility in New York.
The Orange County Industrial Development Agency indicated in a news release Wednesday that the incentives were approved in March before New York lawmakers legalized a projected $2.5 billion-a-year recreational marijuana market.
The incentives include a sales and use tax exemption and a 15-year property tax abatement in anticipation that Chicago-based Green Thumb will create about 125 full-time employees at an office park in the town of Warwick.
Green Thumb plans to purchase the remaining eight lots available – about 40 acres – to build out a cultivation and manufacturing facility at the Warwick Valley Office and Technology Corporate Park.