Multistate operator Cresco Labs is chasing tax breaks worth $38 million for its planned marijuana production and manufacturing site in Ulster County, New York, according to local media reports.
The Ulster County Industrial Development Agency (UCIDA) accepted Chicago-based Cresco’s application for the financial incentives at an April 20 meeting, the Mid Hudson News reported.
The tax breaks include $28 million in property tax relief over 15 years, as well as $10 million in relief on sales taxes for construction materials, the Middletown Times Herald-Record reported.
Cresco, which reportedly plans to begin construction in July, said the facility will create 375 permanent jobs.
Other cannabis companies have been granted tax breaks related to facilities in adjacent Orange County, according to the Herald-Record.
Ulster County executive Pat Ryan supports the tax breaks, the Herald-Record noted.
Stay informed with MJBiz Newsletters
MJBiz’s family of newsletters gives cannabis professionals an edge in this rapidly changing industry.
- MJBizDaily: Business news for cannabis leaders in your inbox each morning
- MJBiz Cultivator: Insights for wholesale cannabis growers & vertically integrated businesses
- MJBizCon Buzz: Behind-the-scenes buzz on everything MJBizCon
- MJBiz Retail + Brand: New products, trends and news for cannabis retailers, distributors and marketers
- Hemp Industry Week: Roundup of news from hemp farming to CBD product manufacturing
- And more!
New York has issued the first round of recreational marijuana cultivation licenses ahead of the state’s anticipated adult-use market launch this year.
Cresco is pursuing a $2 billion merger with New York-based marijuana company Columbia Care.