A new cannabis cultivation, manufacturing and distribution facility is coming to Binghamton, according to Mayor Jared Kraham.
STIIIZY, a cannabis brand based in Los Angeles, will enter into an option-to-purchase agreement for an 8.2-acre parcel of vacant land at 30 Charles St., part of the Charles Street Business Park, Kraham announced Wednesday.
Pending local and state regulatory approval, the agreement will allow STIIIZY to move forward with plans to construct a new facility at the business park to support the emerging New York cannabis market, Kraham said.
STIIZY is the No. 1-selling cannabis brand in the US in 2022, according to BDSA, an international organization that provides market research and forecasts for the cannabinoid industry.
“Cannabis represents a new frontier in economic development and community revitalization in Upstate New York — and Binghamton is on the cutting edge,” Kraham said in a news release.
“This option agreement will allow STIIIZY to apply for state licensing and advance plans for a Binghamton facility,” he said. “The company’s future project would create jobs and new economic activity in our community, and be one of the first major economic development projects for cannabis in New York state.”
The Binghamton Local Development Corp., which owns undeveloped land at the Charles Street Business Park, will vote on the option agreement at its July 28 meeting.
The option calls for a 12-month due diligence period as STIIIZY pursues licensing through the New York Office of Cannabis Management, along with local planning approvals.
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The option agreement also allows the company to begin reviewing and designing the facility and operations. STIIIZY will be able to move into the second phase of buildout following regulatory approval.
“Binghamton would be an ideal location to build out the type of world-class facilities we’ve developed in California, and we hope to be able to make a significant investment in new construction and good-paying jobs at the Charles Street Business Park, STIIZY President Tak Sato said in the news release.
Early last year, New York state adopted the Marijuana Regulation and Taxation Act, legalizing adult-use recreational cannabis for those 21 and older and creating the Office of Cannabis Management to regulate its sale, cultivation, production and distribution.
In June, Kraham released a draft zoning map for the future cannabis businesses in the City of Binghamton, launching a public comment period on the proposal.
The draft map, which is available for viewing on the city’s website, is subject to change based on state regulations, Kraham said.
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