Chicago-based multistate operator Cresco Labs is investing $40 million to expand a cannabis cultivation and processing facility in Ohio, a fast-growing medical marijuana state with adult-use legalization on the horizon.
Cresco’s project, which has been approved by local authorities, will nearly triple the size of its facility in Yellow Springs, which is part of the Dayton metro area.
The project will consist of two buildings, according to the Dayton Business Journal, including a 24,000-square-foot processing facility and a 71,000-square-foot facility used mainly for cultivation.
“We really felt that now was the time to not only reinvest in the facility but to double down on Yellow Springs,” Christian Ficara, vice president of government affairs for Cresco Labs, told the publication.
The 2021 MJBizFactbook projects that Ohio’s medical marijuana market will grow more than 50% this year to sales of $350 million-$425 million.
Adult-use legalization also could occur within the next couple of years.
Democratic state lawmakers introduced a bill in late July to legalize recreational marijuana, but key Republican lawmakers are opposed.
The best bet for adult-use legalization could come through a referendum that is expected to be on the ballot in fall 2022.