Chicago-based multi-state operator Cresco Labs is investing $ 40 million to expand a cannabis cultivation and processing facility in Ohio, a fast-growing medical marijuana state that is on the verge of legalizing adult use.
Cresco’s project, which has been approved by local authorities, will nearly triple the size of its facility in Yellow Springs, part of the greater Dayton area.
The project will consist of two buildings, including a 24,000-square-foot processing facility and a 71,000-square-foot facility that will primarily be used for cultivation, according to the Dayton Business Journal.
“We really felt that now was the time to not only reinvest in the facility, but also double up on Yellow Springs,” Christian Ficara, vice president of government affairs at Cresco Labs, told the publication.
The MJBizFactbook 2021 predicts the medical marijuana market in Ohio will grow more than 50% this year to sales of $ 350-425 million.
Legalization of adult use could also come about in the next few years.
Democratic State lawmakers tabled a bill to legalize recreational marijuana in late July, but major Republican lawmakers oppose it.
The best choice for adult legalization could be a referendum, which is expected to be up for election in the fall of 2022.