Columbia Care Acquires New York Cannabis Cultivation Site For $42.5M
“The property’s infrastructure is fully developed for industrial scale”
Multistate cannabis operator Columbia Care is spending $42.5 million in cash and stock to acquire a 34-acre cultivation site in its home state of New York.
The new location on eastern Long Island includes 740,000 square feet of operational greenhouse space that will be acquired in the second phase of the transaction later this year as well as “200,000 square feet of incremental grow capacity,” Columbia Care noted in a news release.
“The property’s infrastructure is fully developed for industrial scale and throughput and is currently used for growing ornamental flowers,” according to the release.
“Additionally, the existing owners have previously planted and successfully harvested industrial hemp on-site.”
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