Pot Co.’s $42M NY Greenhouse Buy Steered By 2 Firms
May 03, 2021
In preparation for the launch of New York’s recreational marijuana market, national cannabis company Columbia Care said Friday it is buying a 34-acre greenhouse and cultivation site in a $42.5 million deal guided by Foley Hoag LLP and Farrell Fritz PC.
The purchase of the Van de Wetering Greenhouses in eastern Long Island, which are currently used to grow ornamental flowers and other plants, positions the company to expand cultivation to meet both increasing demand from medical marijuana patients and the soon-to-come demand from adult-use customers, Columbia Care said in a release.
“We are eager to see New York’s regulated market emerge as one of the top global cannabis markets, with some market size estimates exceeding $5B by 2025 and more than 75,000 jobs created by 2027,” Columbia Care CEO Nicholas Vita said in a statement. “We intend to continue to invest in opportunities that support this growth for all.”
Columbia Care is represented by Erica Rice of Foley Hoag LLP
Van de Wetering Greenhouses Inc. is represented by Lyle Mahler of Farrell Fritz PC.
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