ZG Investors, LLC proposed to acquire approximately 47 acres at the Buffalo Lakeside Commerce park from the Buffalo Urban Development Corporation to create a high-tech cannabis campus. The estimated $250 million project would include (1) a high-tech cannabis factory and laboratory, (2) research facility, (3) corporate offices, and (4) an incubator space. Although this project was proposed while New York State legislation surrounding cannabis legalization was pending in early 2019, the Developer was interested in conveying the project’s impact on the local economy in terms of new jobs, sales, earnings, and tax revenues to potential stakeholders.
ZG Investors, LLC commissioned Camoin 310 to conduct an economic and fiscal impact analysis to determine the impacts of each component of the Cannabis Campus. Fiscal impacts surrounding direct factory sales were estimated using proposed sales tax rates verbalized by the New York State Governor. Camoin completed the analysis in a compressed timeframe and presented ZG Investors with a graphic designed report to provide to local stakeholders.
In June 2019, state leaders in New York announced that the Marijuana Regulation and Taxation Act was not passed thus inhibiting the Buffalo Cannabis Campus from being developed. Following this legislative decision, the project Developer announced, “we will continue our efforts to make this project a reality.”