An industrial hemp processor has acquired a former sheltered workshop facility in Johnson City, with expectation that it will begin processing product later this year.
The deal for 60 Lester Ave. represents the third enterprise in Broome County dedicated to processing the low THC variant of cannabis for CBD, a substance growing in popularity for its claimed curative powers.
Great Eastern Hemp bought the former Country Valley Industries site, across the vacant Endicott Johnson Victory building, for $2.2 million with the expectation that it will being full operations in September or October, depending on this year’s hemp harvest.
The property consists of two buildings, a main production site of 41,000 square feet buildings, that will be outfitted for manufacturing equipment and a 20,000-square-foot warehouse in the rear to be used for storage.
Great Eastern Hemp bought the former Achieve facilities, across the vacant Endicott Johnson Victory building, for a hemp processing operation. (Photo: Jeff Platsky/Press & Sun-Bulletin)
The new processing location sits within 1,000-feet of a second hemp processor, Southern Tier Hemp, which is attempting to acquire the former Gannett Central New York printing plant next to Walmart. Complications have developed on that deal, however, as a deed restriction limits the property to printing operations. Negotiations are continuing with the owner of the Walmart parcel to obtain permission.
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Sponsors expect to invest $11 million in the facility to extract CBD oil from industrial hemp leaves.
Great Eastern Hemp was registered with the New York Department of State a year ago, and traces back to a Manhattan law firm.
Three year employment projections target a workforce of 40, with 11 hired in the first year.
The Broome County Industrial Development Agency approved a 15-year payment-in-lieu of taxes agreement that grants the operator $1 million in tax breaks over the 15-year term.
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