Chuck Schumer (D-NY), the Senate Minority Leader, cut a ceremonial ribbon to mark the unveiling of a new industrial hemp park in New York yesterday (July 29). The facility will be owned by Canopy Growth Corp., a multinational marijuana company.
Canopy Growth intends to invest at least $150 million in this industrial park. The company reveals that this project was made possible by the help of Gov. Cuomo (D) and Sen. Schumer who helped the firm to identify an ideal location for the facility.
It is estimated that the hemp park will create at least 400 well-paying jobs for the people of Broome County.
Speaking at the groundbreaking ceremony, Schumer revealed that what he fought for during the debate on the 2018 Farm Act was beginning to show dividends as facilities such as the one planned by Canopy Growth in New York start taking shape.
The Senator added that the seeds of what was planted by the enacted legislation have started bearing fruit, and he vowed to continue working with the industry to develop the full potential of hemp.
Other prominent people who attended the unveiling ceremony included Richard Ball (the commissioner of the New York Department of Agriculture and Markets), Fred Akshar (a Republican state senator), Assemblywoman Donna Lupardo (D) and many other dignitaries.
Industrial hemp has attracted bipartisan support from the time the crop was legalized by the Farm Act of 2018. In fact, officials from the USDA and the FDA testified before the Senate Agriculture committee last week to brief the lawmakers about the progress that the agencies of the federal government had made towards drafting the regulations guiding the different participants in the hemp value chains.
The implementation of those regulations is expected to facilitate the explosive growth of the hemp industry across the country.
Canopy Growth Corp. has positioned itself as a leader in the industrial hemp space by setting up hemp processing facilities in various states, including Colorado, North Carolina, California, Kentucky and Pennsylvania. The facility unveiled in New York will have 279,000 square feet of warehousing space and office space will take up 10,500 square feet, according to a summary of the project circulated by the company.
Industry analysts believe that the bold steps taken by Canopy Growth will set the pace for other players, such as Wildflower Brands Inc. (CSE: SUN) (OTCQB: WLDFF) and VPR Brands LP (OTC: VPRB), who will also wish to stake a claim to their place in this industry that is at the takeoff stage.
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