Adamsville - The next pending aquisition This was posted a few days ago. Great find. I know some of you aren't in favour of these land acquisitions but take a look at the numbers and the amount of indoor footage and outdoor acreage they would be getting. Bricks & mortar AND Land!
ERIE – The sale of a former manufacturing property in southwestern Crawford County was approved by a federal bankruptcy court on Monday, but the sale is contingent on the buyer obtaining a medical marijuana growing license from Pennsylvania.
Adamsville Properties LLC, owner of the property, filed for federal Chapter 11 bankruptcy protection last September to reorganize its debts. Adamsville Properties listed its business as a single asset real estate business with the site as its sole asset. Under federal bankruptcy law, approval of any sale of assets is required by U.S. Bankruptcy Court.
The site, a 45,000-square-foot building and 3.6 acres of land at 3982 Main St., Adamsville, previously was occupied by Garvin Industries, a metal stamping plant that made sink strainers and related plumbing items. The company shut down several years ago.
On March 16, Adamsville Properties filed a motion with bankruptcy court to sell the site to NH Medicinals (Minnesota) Inc. for $339,000 with several conditions. The conditions are selling the property free and clear of all liens, claims and encumbrances; court approval of the sale; and NH Medicinals obtaining a license from Pennsylvania to grow medical marijuana before the time of the sale closing.
Whether NH Medicinals obtains a medical marijuana growing license from the state Department of Health should be known within the next 60 days, Michael Kruszewski, Adamsville Properties’ bankruptcy attorney, told Judge Thomas Agresti at a hearing Monday in bankruptcy court in Erie.
If the sale goes through, Adamsville Properties would be able to repay outstanding real estate taxes and other liens, Kruszewski said.
As of April, Adamsville Properties owes $117,930.18 in unpaid real estate taxes, penalties and interest to the county, West Fallowfield Township and Conneaut School District for 2011 through 2016, according to Crawford County Tax Claim Bureau records.
Agresti approved Adamsville Properties’ motion but also pointed out the proposed $339,000 purchase price by NH Medicinals will be subject to higher offers at the time of the court sale confirmation hearing. No date has been scheduled yet for that hearing.
The Pennsylvania General Assembly approved a medical marijuana program and it was signed into law by Gov. Tom Wolf in April 2016.
Under the new law, marijuana may be prescribed for 17 medical conditions. It may be dispensed as pills, oils, liquids, topical ointments or in a form that can be administered by an inhaler or nebulizer. It cannot be dispensed in any form to be smoked.
The state Department of Health accepted applications for growers and processors of medical marijuana until March 20 this year. Pennsylvania plans to license 12 growing and processing facilities with six different regions of the state.
The northwest region includes Crawford, Erie, Mercer, Venango, Warren, Lawrence, Forest, Clarion, Jefferson, Elk, McKean, Cameron and Clearfield counties. The region is allotted two grower/processor permits and two dispensary permits.
NH Medicinals (Minnesota) Inc. is part of Nutritional High International Inc., based in Toronto, a company focused on the U.S. medical and recreational marijuana industries.
Contacted Monday by the Tribune, Jim Frazier, Nutritional High’s chief executive officer, declined to answer questions until he contacted the company’s attorney. Frazier said he was unsure whether he could answer questions because of Nutritional High’s pending marijuana growing application filed with the Pennsylvania Department of Health.
According to Nutritional High’s website, the company is working on developing, manufacturing and distributing products and nationally recognized brands in the hemp and marijuana-infused products industries. Those products include edibles and oil extracts for nutritional, medical and adult recreational use. Nutritional High works exclusively through licensed facilities in jurisdictions where such activity is permitted and regulated by state law, the website said.
Nutritional High is building one of Colorado’s largest and most automated oil extraction and infused edibles facilities with a marijuana infused products license secured through agreements with Colorado-based Palo Verde, the website said. The location will have sufficient space to house oil extraction and a semi-automated edibles production, the website.
In Illinois, Nutritional High was one of 52 applicants granted a medical marijuana dispensary license, the website said.
The company also is pursuing expansion in additional states – initially targeting Pennsylvania, Nevada, Washington, Oregon, California and Arizona, according to the website.