Medical marijuana company bags Long Island grow site

Columbia Care paid $43M for site to cultivate pot plants

Tri-State /
May.May 04, 2021 12:17 PM
New York’s medical marijuana industry is expecting a boom in business. (Getty)

New York’s medical marijuana industry is expecting a boom in business. (Getty)

A New York medical marijuana company is dipping its feet into real estate.

Columbia Care purchased a 34-acre site in Long Island to grow medicinal marijuana for $42.5 million in cash and stock, according to Crain’s. The site includes 740,000 square feet of operational greenhouse space.

The Long Island site will produce newly approved cannabis forms, including the flower, according to Crain’s.

Columbia Care operates 87 dispensaries in 11 states and Washington, D.C., and has four New York locations. It has more than two dozen locations for cultivating and manufacturing pot, including one in Rochester.

In 2020, the company raked in close to $198 million in combined revenue, and has projected up to $530 million in combined revenue in 2021.

New York’s medical marijuana industry is expecting a boom in business after the state legalized recreational marijuana this year.  The new regulations will allow medical marijuana companies to expand into the recreational space.

By 2023, the market for cannabis in New York state is estimated to be worth $4.6 billion a year, with about 350 retail licenses expected to be issued once a regulatory framework for recreational cannabis is in place, according to a report by MPG Consulting prepared for the New York Medical Cannabis Industry Association.

[Crain’s] — Keith Larsen





    Related Articles

    arrow_forward_ios
    (Bespoke Real Estate)
    Hamptons mansion featured on “Succession” trades for $45M
    Hamptons mansion featured on “Succession” trades for $45M
    Virtual real estate speculators notch another record deal
    Virtual real estate speculators notch another record deal
    Virtual real estate speculators notch another record deal
    Terwilliger & Bartone managing partner Anthony Bartone and 461 Railroad Avenue in Westbury LI (Google Maps, Terwilliger & Bartone, iStock)
    Westbury apartment project scores 20-year tax break
    Westbury apartment project scores 20-year tax break
    The site where senior housing was proposed (Google Maps, iStock)
    Given runaround by Oyster Bay, developer sells to storage firm
    Given runaround by Oyster Bay, developer sells to storage firm
    5 East 59th Street (Google Maps, 5e59.com)
    Singapore bank sues to foreclose on ex-Playboy Club building
    Singapore bank sues to foreclose on ex-Playboy Club building
    Southampton moves to curb emissions after declaring climate emergency
    Southampton moves to curb emissions after declaring climate emergency
    Southampton moves to curb emissions after declaring climate emergency
    Click, bid, buy: Suffolk County breaks precedent with virtual auction
    Click, bid, buy: Suffolk County breaks precedent with virtual auction
    Click, bid, buy: Suffolk County breaks precedent with virtual auction
    12 Koala Ln, East Hampton, NY and Peloton CEO John Foley (Zillow, LinkedIn)
    Peloton CEO John Foley lists East Hampton home for $4.5M
    Peloton CEO John Foley lists East Hampton home for $4.5M
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...