Hwy35, a Missouri-based marijuana operator, secured $22 million in funding from two state agencies in Minnesota as well as a municipality.
The money will be used “to establish a state-of-the-art cannabis cultivation and manufacturing facility” in Grand Rapids, Minnesota, according to a document posted online by one of the lenders, the state’s Iron Range Resources & Rehabilitation Board (IRRRB).
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The grow and manufacturing plant, slated for a former wood products facility, is expected to have an eventual footprint of 60,000 square feet over two construction phases with an estimate price tag of $67.8 million.
Hwy35, described in the IRRRB document as operating in Missouri’s legal marijuana industry with “manufacturing, transportation and retail establishments,” will receive loans of:
$10 million from the IRRRB. $10 million from the Minnesota Department of Employment & Economic Development. $2 million in tax-increment financing from the city of Grand Rapids.
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