Cresco Labs secures $38 million tax breaks for New York cannabis facility

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Multistate operator Cresco Labs succeeded in its push to get $38 million in tax breaks for a planned cannabis cultivation and manufacturing facility in Ulster County, New York.

The board of the Ulster County Industrial Development Agency (UCIDA) voted unanimously to approve the $27.99 million reduction in property taxes over 15 years as well as $10 million in sales-tax exemptions, according to the Daily Freeman of Kingston, New York.

Chicago-based Cresco previously said the facility in the town of Wawarsing would provide 375 permanent jobs.

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UCIDA Chair James Malcolm reportedly said the jobs would bring “a tremendous amount of ripple effect for this community.”

Cresco is working to close its acquisition of New York-based marijuana MSO Columbia Care.