Pot Co.'s $42M NY Greenhouse Buy Steered By 2 Firms

By Diana Novak Jones (April 30, 2021, 7:48 PM EDT) -- In preparation for the launch of New York's recreational marijuana market, national cannabis company Columbia Care said Friday it is buying a 34-acre greenhouse and cultivation site in a $42.5 million deal guided by Foley Hoag LLP and Farrell Fritz PC.

The purchase of the Van de Wetering Greenhouses in eastern Long Island, which are currently used to grow ornamental flowers and other plants, positions the company to expand cultivation to meet both increasing demand from medical marijuana patients and the soon-to-come demand from adult-use customers, Columbia Care said in a release.

"We are eager to see New York's regulated market emerge...

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