A medical marijuana company has expressed interest in locating a cultivation and production facility in Yellow Springs. Village Council President Karen Wintrow announced at Monday’s Council meeting that the Village received an inquiry late last week from Cresco Labs, a Illinois-based medical cannabis company, regarding potentially opening a facility in Yellow Springs.
“I feel it’s an opportunity the Village should explore,” Wintrow said at the meeting.
The most probable potential site for the facility would be the Village-owned CBE land on the western edge of Yellow Springs. The proposed facility would require about six acres, so the company would only be interested in a portion of the 35-acre CBE property, according to Wintrow.
The company is interested in purchasing land for the facility and is not seeking tax abatements or other incentives, she said.
The opportunity could create new jobs and expand the village’s tax base. Based on Village leaders’ initial discussions Monday with Cresco company representatives, the estimated $5 million facility would create 65 jobs at an average salary of $40,000.
Although the company is in discussions with communities across Ohio, it would ultimately partner with just one community, according to Cresco investor Chris Schrimpf on Tuesday. Schrimpf is one of a group of Ohio-based investors seeking to bring the Cresco model to this state.
The company plans to apply for a medical marijuana cultivation and processing license from the state of Ohio at the end June. Ohio legalized medical marijuana in September 2016, and is currently developing rules and guidelines for medical cannabis production.
Village leaders are exploring the opportunity, which comes as the process of seeking public input on potential uses of the CBE land is still unfolding. Village Council will discuss the matter at a special meeting open to the public next Tuesday, May 23, at 1 p.m. in Council chambers.