Canopy Growth acquires facilities at 47-51 Pine Camp Drive in Kirkwood, NY/ Google Image
NEW YORK CITY—Canopy Growth has acquired a 308,000-square-foot facility, a former Felchar Manufacturing building at 47-51 Pine Camp Drive, on 48 acres of property in Kirkwood, NY. The town is about 10 miles southeast of Binghamton, NY. The Ontario, Canada-based cannabis company is planning to invest $150 million to convert the former vacuum parts building into facilities for hemp-derived cannabinoid extraction and processing. The new hemp industrial park will be capable of producing tons of hemp extract each year.
Although the sales price was not disclosed, an online CBRE posting on CoStar's Loopnet listed the property for $9.5 million with CBRE Syracuse brokers Mark Rupprecht and Bill Anninos.
The acquisition represents a milestone for Canopy in its expansion in New York. Yahoo! Finance reported in Q4 2018, the company's net revenue reached $CA83 million and had a market cap of $16 billion. Bloomberg has reported Canopy is the world's largest cannabis company.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
