Missouri-based Hwy35 Secures $22 Million Funding for Cannabis Facility in Minnesota

LOS ANGELES- As Minnesota joins the growing list of states legalizing adult-use cannabis, Missouri-based cannabis operator, Hwy35, is already laying down roots in the state with a significant $22 million funding boost from Minnesota state agencies.

This funding initiative aims to lay the foundation for a cutting-edge cannabis cultivation and production facility, as detailed in the Iron Range Resources & Rehabilitation Board (IRRRB) documents. This comes closely on the heels of Minnesota Governor Tim Walz’s recent signing of the recreational cannabis bill.

Expanding Cannabis Infrastructure for Minnesota’s Growing Market

MJBizDaily reveals that Hwy35’s goal with this funding is clear – to leverage the burgeoning cannabis market by investing in high-grade infrastructure to cultivate, extract, and produce an array of top-tier cannabis products. The ambitious two-phase construction project will sprawl over 60,000 square feet, with a total projected cost of $67.8 million.

Diving deeper into the funding breakdown:

• The Iron Range Resources & Rehabilitation Board has pledged $10 million.
• An equal amount of $10 million is sourced from the Minnesota Department of Employment & Economic Development.
• The city of Grand Rapids, MN, is chipping in with $2 million in tax-increment financing.

Highlighting the project’s economic potential, IRRRB Commissioner Ida Rukavina spoke about the dual nature of this venture, blending manufacturing with agriculture, and remarked on its capacity to significantly augment the local economy. She mentioned, “This project aligns perfectly with our agency’s vision of economic diversification.”

Hwy35 Poised to Lead in the Minnesota Cannabis Market

Jack Mitchell, a leading figure at Hwy35, who also plays integral roles at Besa Group and Mitchell Hospitality in Kansas City, Missouri, has high hopes for Hwy35’s Minnesota venture. With the state’s adult-use cannabis sales forecasted to kick off in 2025, Mitchell is keen on establishing Hwy35’s dominance early on. “Our strategic positioning will enable us to become operational before the vast majority of the market,” Mitchell confidently stated.

This development points to a promising future for the cannabis industry in Minnesota, with Hwy35 leading the charge.