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  • Posted On Friday, February 02, 2024 by Evan Lamolinara

    cannabis.jpg

    Research by SalesLeads’ experienced industrial market research team, shows 65 new planned Cannabis and Medical Marijuana projects tracked during the year 2023.

    Planned industrial project activity within the sector is down 38% YTD over the previous year.

    The following are selected highlights on new cannabis and medical marijuana industry construction news.

    Cannabis - By Project Type

              Processing Facilities - 64 New Projects

              Distribution and Industrial Warehouse - 7 New Projects

    Cannabis - By Project Scope/Activity

              New Construction - 35 New Projects

              Expansion - 7 New Projects

              Renovations/Equipment Upgrades - 19 New Projects

    Cannabis - By Project Location (Top 5 States)

              New Jersey - 14

              California - 10

              Massachusetts - 9

              Connecticut - 6

              Michigan - 6

    Largest Planned Project

    During the year 2023, our research team identified 5 new Cannabis facility construction projects with an estimated value of $25 million or more.

    The largest project is owned by HWY35 LLC, who is planning to invest $67 million for the renovation and equipment upgrades on a growing and processing facility in GRAND RAPIDS, MN. They are currently seeking approval for the project. Construction will occur in phases.

    Top 5 Tracked Cannabis and Medical Marijuana Projects

    MINNESOTA:

    Medicinal marijuana provider is planning to invest $34 million for the construction of a 30,000 sf growing and processing facility in COHASSET, MN. They are currently seeking approval for the project.

    CALIFORNIA:

    Medicinal marijuana provider is planning for a 1-million sf expansion of their growing and processing facility in LONG BEACH, CA.

    NEW JERSEY:

    Startup medicinal marijuana provider is planning for the construction of a 354,000 sf growing and processing facility at 147 Washington Crossing-Pennington Rd. in HOPEWELL TOWNSHIP, NJ.

    WASHINGTON:

    Medicinal marijuana provider is planning for the construction of 15 growing and processing facilities totaling 177,000 sf at 5735 Rd. L SE in MOSES LAKE, WA.

    MICHIGAN

    Medicinal marijuana provider is planning for the construction of a 104,000 sf growing and processing facility at 1250 Watson St. in YPSILANTI TOWNSHIP, MI. Completion is slated for Spring 2024.

    About Industrial SalesLeads, Inc.

    Since 1959, Industrial SalesLeads, based in Jacksonville, FL is a leader in delivering industrial capital project intelligence and prospecting services for sales and marketing teams to ensure a predictable and scalable pipeline. Our Industrial Market Intelligence  identifies timely insights on companies planning significant capital investments such as new construction, expansion, relocation, equipment modernization and plant closings in industrial facilities. The Outsourced Prospecting Services, an extension to your sales team, is designed to drive growth with qualified meetings and appointments for your internal sales team. Visit us at salesleadsinc.com.

    Each month, our team provides hundreds ofindustrial reportswithin a variety of industries, including:

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