Construction has commenced on a $6 million, 36,000-square-foot Mayflower Medicinals facility in Holliston, Massachusetts capable of producing 8,700 pounds of cannabis annually. The facility, which could earn more than $35 million per year, is a partnership between Mayflower and iAnthus Capital Holdings.
According to a press release, the space is located within an existing warehouse building and interior demolition and installation of cultivation and processing equipment has been completed. The company expects the first harvest in the third quarter of this year.
“We are excited to have broken ground on our cultivation facility and look forward to the start-up of cultivation in the second quarter of 2017 and the subsequent opening of our first two dispensaries, including one in Boston, the largest city in the state,” John Henderson, CEO of Mayflower, said in a statement.
Randy Maslow, iAnthus President, indicated that the investment firm expects to inject another $7.5 million to build out the facility and its three anticipated dispensaries in the state. He suggested that Mayflower has a “first mover advantage” as the company holds one of three Boston dispensary licenses and is one of just nine registered dispensaries approved by the Commonwealth.
“Our investment in support of Mayflower’s mission and operations positions iAnthus to realize significant cash flows once the cultivation facility and dispensaries are fully built out and Mayflower commences sales,” he said in a statement.
From Dec. 2015 to Dec. 2016 the number of registered patients in Massachusetts jumped from 22,000 to 40,000, and it is one of just two states on the East Coast to legalize adult-use cannabis.