A New York-based cannabis startup company called Ace Ventures LLC is aiming to find a marijuana production facility in New York. Among the members of the startup include the son of late reggae artist Bob Marley, Rohan Marley.
According to Buffalo Business First, Ace Ventures LLC is a cannabis company that is both a minority- and woman-owned startup. Apart from Rohan Marley, other partners at the firm include Dan Fireman, Fireman Capital Partners founder based in Boston; Gee Roberson, co-founder of BPG Music, and Kareem “Biggs” Burke, the co-founder of Roc-A-Fella Records alongside Jay-Z.
Rohan Marley is the son of late reggae star Bob Marley. Rohan once played for the Miami Hurricanes in the early 1990s as its linebacker. The reggae artist was known for his use of cannabis, often smoking marijuana and celebrating the religious Rastafarian movement, notes New York Upstate. The movement reportedly saw marijuana as a spiritual tool, allowing users to gain further understanding of how the universe works and channel this into their lives, reveals High There.
The team at Ace Ventures LLC was slated to meet with Buffalo development officials on Tuesday, June 15, 2021. Ace Ventures is reportedly looking for a massive 100,000 square foot property to house the impending $25 million cannabis research and development and production center. This property is expected to house over 50 people.
Besides Buffalo, Ace Ventures is also looking into other parts of New York, such as Rochester and Syracuse. The cannabis firm expects to hear a decision about their inquiry to build a marijuana production facility by late July.
Apart from Ace Ventures, Buffalo Business First states that there are other cannabis companies venturing into research and development and manufacturing are that also looking into opening up shop in Buffalo, New York. These include the likes of Zephyr Investments LLC, owned by Brad Termini, who has proposed to build a $200 million manufacturing facility at Buffalo Lakeside Commerce Park.
As of writing, the New York Upstate news site reports that the state of New York has finally legalized the possession of marijuana in small amounts last April 1, 2021. The state is still putting together the arm and control board that will in charge of regulating the manufacturing and sale of marijuana and other cannabis items in New York.
According to New York Upstate, the move towards creating the legislation has encountered some bumps along the road, particularly since the legislature failed to confirm members as part of its office or control boards as it adjourned its 2021 session in the past week. The whole process is still expected to take a full year.
However, once the legal marijuana landscape is in full bloom in the state of New York, New York Upstate mentions that the industry will be able to provide a whopping $4 billion every year. The cannabis industry is also slated to add anywhere from 30,000 to 60,000 jobs, allowing the economic activity in the region to pick up in the aftermath of the global pandemic.