Even before construction begins in earnest on its $21.5 million medical marijuana facility in Princeton’s industrial park, BC Green Pharmaceuticals is planning an expansion.
This week the company inked a deal with the municipality to purchase two more lots in the business park, for $195,000 each.
It brings the firm’s investment in Princeton real estate in the past two months to $990,000.
“We’ve been in talks and they are looking down the road for expanding their operation,” said Princeton’s economic development director Gary Schatz. “They wanted to secure those properties because they know there is going to be interest in them.”
The facility’s’s site, on David Brown Way, was buzzing with activity Tuesday, one day before the official ground breaking for the project, which was planned for Wednesday morning.
“I think the timing for the groundbreaking couldn’t be more appropriate,” said Schatz, noting Wednesday is also the day cannibas use becomes legal in Canada.
The facility will be constructed in three phases.
Phase one is expected to be operational by the first quarter of 2019 and estimated completion of all three phases is expected by early 2020.
The facility will be comprised of a 79,000 square foot advanced indoor facility, a 10,000 square foot extraction lab and a 20,000 square foot research facility.
The company plans to hire 195 workers.
Thirteen of the 25 lots in the industrial park are now sold, said Schatz, who took up his role as economic development director late in 2017.
“I was hoping we would sell one lot in my first year, that was my goal,” he said. “That was what I was hoping for so I am extremely pleased with the interest we’ve got from people. I’ve had lots of people outside BC Green show interest. These are things you can’t talk about until a deal is done…We’ve got some things that are going to hopefully be announced soon.”
A spokesperson for Green Pharmaceuticals was unavailable to comment Tuesday.
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