US (NY): Cresco to seek $38M in tax breaks for Wawarsing facility

Industrial pot grower Cresco Labs will ask for $37.99 million in tax breaks from the Industrial Development Agency on Wednesday, April 20.

The symbolism of the date was not lost on Agency Chief Financial Officer Rose Woodworth.  “They are coming to the IDA on 4/20,” she said. “This has been in the works for a year, what are the odds?”

The popular cultural association of “420” with marijuana has been widely used since the 1970s. The term is a reference for the time of day that four California high school students would meet in their search to find an abandoned marijuana field using a “treasure” map.

For Cresco U.S, the search for tax reductions comes after securing 90 acres in Wawarsing on a site that since 1958 has seen Channel Master, Imperial Schrade, and Hydro Aluminum open and close.


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