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Cresco seeks $38 million in tax relief for the New York marijuana production base

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According to local media reports, multi state operator cresco labs is seeking $38 million in tax relief for its planned marijuana production and manufacturing base in Ulster County, New York. Tax relief includes $28 million in property tax relief over 15 years and $10 million in sales tax relief on building materials. Cresco reportedly plans to start construction in July, saying the facility will create 375 permanent jobs. New York has issued the first round of recreational marijuana cultivation licenses before the state is expected to launch the adult marijuana market this year. Cresco is seeking a $2 billion merger with Columbia care, a New York based marijuana company.


Source: mjbizdaily com/