The City of Jamestown has taken an aggressive approach to cultivating a business ecosystem that will support the establishment of new cannabis related industry in the city. The City received over 250 inquiries following a press release published this past July, outlining the City’s efforts to attract cannabis based businesses, and resulting in dozens of interviews with companies interested in seeking one of New York State’s coveted cannabis industry licenses. The City’s efforts have been featured in 3 national publications and multiple podcasts, and Jamestown is quickly becoming recognized by the cannabis industry as a future hub for the budding cannabis economy.
Cannabis related inquiries are directed to the Department of Development whose staff reviews and thoroughly screens potential businesses seeking the mandatory municipal support necessary to be eligible to apply for one of the Adult-use licenses for cultivation, nursery operation, processing, distribution, cooperative, microbusiness, retail dispensary, on-site consumption, or a combination license for one of two separate categories to providers of multiple services. Those that have made it through the rigorous vetting process remain potential candidates for municipal support, once the applications for licenses become available, and include a number of well-established local companies looking to diversify and grow their existing businesses, which will not only help retain jobs but create new jobs while supporting a new hyper-local economic sector.
From small micro-grow operations, to large multi-million-dollar developments on an industrial scale the cannabis industry in Jamestown will add hundreds of good-paying jobs, redevelop thousands of square feet of currently vacant and underutilized warehouse, manufacturing, and commercial spaces and put properties back on the tax roll. It is also estimated that within the first 4 years in operation, retail dispensaries in the City will generate upwards of $500K in direct tax revenue from cannabis sales. The development of a supportive business ecosystem, that establishes Jamestown as a cannabis hub, will attract the various ancillary businesses that will be necessary to support cannabis industry related supply chain demands and will further catalyze Jamestown’s cannabis cluster economy.
The City also emphasizes that local control of cannabis-based industry is a critical component to the successful development of the local cannabis economy and has developed criteria that businesses must meet in order to earn a municipal letter of support, which includes submitting a full business plan with demonstrated experience, fiscal viability, detailed plans for public safety and security, environmental impact and sustainability plan, commitment to the creation of well-paying jobs with employee benefits, community ties and benefits, and diversity ownership with priority given to Minority-owned, Woman-owned, and/or Veteran-owned companies. Only businesses who meet all of the established NYS and City of Jamestown’s strict quality standards will be considered potential candidates to receive a municipal letter of support.
The cannabis industry has the potential to create an incredible economic impact in the City of Jamestown, Chautauqua County and State of New York and Jamestown has been at the forefront of this opportunity and is prepared to capitalize on the many positive benefits that this burgeoning industry will provide.
