TheraCann International Corporation is proposing a $20 million, 100,000-square-foot medical cannabis facility in Kingsley, Michigan that would cater to 20 licensed cultivators, create an estimated 100 new jobs, and double the downtown district’s taxable value, according to a Traverse Ticker report. The company also proposed a 20,000-square-foot processing plant adjacent to the site.
A previous proposal called for dispensaries at the site; however that plan was scrapped after it was opposed by members of the Kingsley Downtown Development Authority. Marc McKellar, a DDA board member, said the company’s decision to drop the dispensaries convinced him to support the project, which he says has a projected taxable value of $9.5 million. Kingsley area schools could see nearly $200,000 annually in funding derived from the facility. The DDA district has a current total taxable value of $6.2 million.
“The threshold for most community support dies at the dispensary center…and that is not part of this proposal,” McKellar said in the report. “It’s a production-only facility. My house will be the closest residential property to this project, so I was a little concerned this would be literally in my backyard. But when I put on my hat as a DDA board member and began researching the law and looking at the economics of the project….my personal position has changed from opposition to cautiously optimistic.”
TheraCann CEO Chris Bolton indicated that facility construction would be “locally sourced,” and the site would create security and administrative jobs in addition to the cultivation opportunities.
Michigan officials are expected to begin issuing licenses under their reformed medical cannabis law in December.