Long known for its apples and peaches, the town of Hancock may have found a new cash crop: cannabis.
Hancock already profited hundreds of thousands of dollars from its stake in the Maryland arm of Trulieve, the largest cannabis company in the United States, and company executives anticipate the town will see greater earnings as legislation legalizing cannabis for recreational sales went into effect on July 1.
Hancock initially brokered the deal with Harvest Health and Recreation, a medicinal cannabis operation, in 2016 to sponsor the company's medical marijuana growers license in exchange for a 5% stake in Harvest DCP of Maryland, the Maryland branch of the company.
And according to Steve White, the CEO of Harvest Health and Recreation, Hancock maintained its minority stake when Trulieve purchased his company in 2021 in a deal valued at $2.1 billion.
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