WAWARSING, NY – Pot grower and distributor Cresco Labs, a company with plans to develop 90 acres in the city, recently merged with another nationwide distributor, creating what the companies call an “expanded strategic footprint in the largest and fastest growing markets for cannabis.”
Cresco Labs, which announced the merger with Columbia Care in late March, is simultaneously seeking $37.99 million in tax credits from the Ulster County Industrial Development Agency.
For Cresco, the search for tax cuts comes after securing 90 acres in Wawarsing on a site that since 1958 has seen the opening and closing of Channel Master, Imperial Schrade and Hydro Aluminum. Cresco plans to use the site for a cannabis cultivation facility.
Cresco’s tax credits are set to include a 15-year tax-pay-in lieu agreement that would cut property taxes from a total of $124.09 million to $96.11 million and sales tax credits of up to $10 million for purchases required when the $209 million facility is built. .