Marijuana producer completes $42 million deal for East End growing operation
A marijuana producer completed a $42 million purchase of greenhouse space to set up a growing operation on the East End.
Columbia Care bought the property from Van de Wetering Greenhouses. Van De Wetering grows flower and plant seedlings.
Columbia will use 10% of the space, which is almost 1 million square feet, for its marijuana-growing business. Van de Wetering will lease the rest of the space to continue what it does now. As demand grows, Columbia plans utilize more of the space.
"It was coming whether we like it or not. We looked at this in other states like Massachusetts," says Walter Gravagna, of Van de Wetering. "They're in 23 states right now, and everywhere they've been it's been accepted, it's been done professionally, that was most important. The community has embraced it. It brought jobs. Plus, this transaction has contributed $670,000 to the CPF fund for land preservation."
The money that went to the fund is part of a real estate tax. In the five East End towns, the buyer in a real estate transaction gets charged 2% of the purchase price and that money is set aside for land preservation.
It's not yet clear if other greenhouse operations will make similar deals with large marijuana producing companies — or apply for licenses to grow it themselves.