A major Canadian processor will spend up to $150 million to locate a hemp processing center in the Southern Tier.
Canopy Growth, whose stock is traded on the New York Stock Exchange (symbol:CGC), announced plans to locate in the region to process, research and develop hemp-based products. Initial indications are the company’s location will be the start of a hemp hub, a center where similar operations would want to locate.
An estimated 400 jobs will be created at the Canopy Growth facility. A timetable and a location for the operation have not been disclosed.
“The Southern Tier is poised to explode with the growing and processing of this exciting new crop that has so many applications, and this major project will help make sure of it,” said U.S. Sen. Charles Schumer, D-N.Y. who announced the development at a late morning press conference at his downtown Binghamton offices. “This investment could create hundreds of good paying jobs in the region, help a new industry take root and serve as a magnet for more companies and industry-related enterprise to locate to the region.”
Schumer said ancillary industries and companies connected with hemp processing could increase the number of jobs by several fold.