Florida cannabis firm abandons plans for Grafton cultivation facility, sells site to plastics company owner
Photo | Courtesy of Jushi
Nature's Remedy in Millbury
Jushi, a cannabis company based in Florida, has dropped plans to open a cultivation and production facility on an empty parcel in Grafton.
Valiant Enterprises, a corporation registered to Jushi Founder Louis Barack, sold the parcel located at 8 Millennium Drive for $1.26 million to a corporation owned by Jeffrey Gasek, the owner of Northborough-based Epic Polymer Solutions, according to the Worcester District Register of Deeds.
Valiant originally bought the parcel in 2017 for a price of $700,000.
Jushi operates retail stores in Millbury and Tyngsborough under the Nature’s Remedy brand. The company has a 50,000-square-foot cultivation and production facility in Lakeville.
The company, which currently operates cannabis businesses in seven states, entered the Massachusetts market in 2021 by acquiring Nature’s Remedy for a sale price of $91.2 million, according to a Jushi press release at the time.
Trent Woloveck, Jushi’s chief strategy director, said the decision to abandon the Grafton plans to the lack of federal cannabis banking reform and the high cost of capital cannabis businesses are facing. He said the company’s Lakeville facility has been able to provide an adequate amount of product to cover Jushi’s operations in the state.
Jushi’s decision to not move forward with this facility also comes amidst increasing business concerns regarding the decline of marijuana prices in Massachusetts. The average monthly cost of an ounce of cannabis was $171.79 in August, down from $275.51 a year earlier, according to data provided by the state Cannabis Control Commission.
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