Some Raise Concern Over Size Of Public Investment In Cannabis Company On Iron Range

By Caroline Cummings, CBS Minnesota

October 19, 2023

MINNEAPOLIS -- The decision to award a new cannabis company on the Iron Range millions in publicly-funded loans is raising questions among elected officials and industry stakeholders, who have concerns about the size of the investment and scope of the business plan.

The Iron Range Resources and Rehabilitation Board on Tuesday signed off on the assistance for the HWY35 LLC project, which will transform an old lumber mill into a $67 million cannabis cultivation and manufacturing facility run by founders who operated businesses in Missouri.

It received $10 million in a loan from the Iron Range Resources and Rehabilitation agency; another $10 million loan from a Minnesota Department of Employment and Economic Development fund whose funds IRRRB directs; and $2 million in tax increment financing from the City of Grand Rapids.

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