Terrapin purchases facility in Avis for $10M | News, Sports, Jobs

Terrapin purchases facility in Avis for $10M | News, Sports, Jobs


Terrapin, located at 180 Henry St. in South Avis, is pictured above. The medical marijuana/processor facility was recently purchased by the company for $10.75 million.

AVIS — After taking up residence in 180 Henry St. in South Avis in 2018, medical marijuana grower/processor Terrapin recently announced the facility will be its permanent residence in Pennsylvania.

“Terrapin is pleased to announce the purchase of its medical marijuana grower/processor facility located at 180 Henry Street in South Avis, Pa. Terrapin purchased the building from the Henry Street Partnership for $10.75 million,” a release from Terrapin said.

Since cutting the ribbon at the facility in 2018, Terrapin has invested approximately $30 million in operations and improvements, including a $15 million expansion that is currently underway. Terrapin is working with local contractor M&R Contracting, Inc. to expand the facility to more than 200,000 square feet with a completion date slated for June.

“Today’s announcement underscores our long-term vision to build a responsible, contributing cannabis company in Clinton County,” said Terrapin founder and Chief Executive Chris Woods. “Our partnership with this community has helped us serve more Pennsylvania patients than ever, invest in a growing workforce, and give back in ways that strengthen us all.”

Terrapin today employs around 125 Pennsylvanians who grow, process and package medical marijuana at its facility. Another 40 employees make up VetForce, a veteran owned and operated security and transport firm that Terrapin helped establish by becoming its first client in the space

“I’d like to thank our incredible team of Terrapin employees,” continued Woods. “From our first job fair at the Lock Haven VFW to working through the pandemic, we’ve come a long way together.”

Today the Terrapin brand can be found in more than 96 percent of Pennsylvania dispensaries. Its medical cannabis products are formulated and cultivated to meet the demand of patients suffering from conditions that qualify for the Pennsylvania Medical Marijuana Program. The company produces medical marijuana in a wide range of products and whole flower so that patients find the relief they need.

“Terrapin is an industry leader that made its home right here in Clinton County,” said Mike Flanagan, president, Clinton County Economic Partnership. “When Chris and his team first came to us, they promised a sustainable business model that included economic development and good corporate citizenship. Since that time, they have continued to work closely with local elected officials and the business community to host job fairs, obtain approvals for expansion plans, and hire local contractors.”

Terrapin made an early donation of $25,000 that has helped fund the upcoming transformation of Veterans Park in Lock Haven with a groundbreaking expected on Memorial Day.

As part of its commitment to community impact, Terrapin prioritized hiring vets and helped to spin off new veteran-owned companies like VetForce. VetForce employs 80 percent veterans who manage security for the Clinton County facility and ensure the safe transportation of products to licensed dispensaries across the state. Over the last five years, VetForce has expanded its operations to four states thanks to Terrapin’s business. In addition to Pennsylvania, Terrapin operates in Colorado, Michigan and Missouri. The company is opening a medical cannabis dispensary in Hoboken, New Jersey this fall.

“We look forward to continued success in Clinton County,” added Woods. “We thank our partners with the Henry Street Partnership for the opportunity to plant roots in the community. We expect many years of growth ahead.”

About Terrapin Pennsylvania

Terrapin is a multi-state cannabis leader and one of the largest privately-owned cannabis companies in the country. With about 500 employees nationwide, Terrapin is a full-service seed-to-sale marijuana business with six vertically integrated storefronts in Colorado, a medical grower/processor facility in Clinton County, Pennsylvania, a cultivation/processing facility in Grand Rapids, Mich, and a medical cannabis grow/manufacturing facility in Kansas City, MO, where the company has licenses for three dispensaries. The Boulder, Colo.-based company was founded in 2009 by Bucks County, Pennsylvania native and Penn State graduate, Chris Woods. Terrapin prides itself on being a consumer/patient-focused cultivator, processor, and provider of high-quality products. Follow TCS on Facebook, Twitter and Instagram.

Today’s breaking news and more in your inbox


Source link Google News