According to a report by the Buffalo Business Journal, a company called Ace Ventures LLC is looking at potential sites in upstate New York for a cannabis research and production plant.
Top locations are in Buffalo, Rochester and Syracuse.
Ace is a startup cannabis company whose investors include Jay-Z’s Roc-A-Fella Records co-founder Kareem “Biggs” Burke, Boston, Massachusetts-based Fireman Capital Partners founder Dan Fireman, BGP Music Co-founder Gee Roberson and Rohan Marley, son of the late legendary reggae star Bob Marley.
Representatives from Ace plan to meet with Buffalo development leaders on June 15. The plan includes a 100,000-square-foot, $25 million cannabis R&D and production center which could employ up to 50 people.
New York state legalized the possession of small amounts of cannabis on April 1, and it is now working to create an Office and Control Board that will regulate the production and sale of cannabis, along with other cannabis products.
The creation of the legal framework of such businesses can take up to at least a year. Since the state legislature adjourned its official 2021 session last week without confirming any members to the Office or Control Board, it may face a delay. Those nominations could be taken up later this month if the legislature returns for a special session.
Ace Ventures is a minority- and women-owned company. Such companies are expected to be given special consideration for licensing and business opportunities under the social equity provisions of New York’s cannabis legalization.
The state already has some existing cannabis businesses, working either with its already legal, medicinal cannabis program or the hemp/cannabidiol (CBD) industry.
It has been estimated by state officials that New York’s cannabis business, when fully operational, could generate $4 billion in economic activity a year. It can also potentially support 30,000-60,000 jobs.