Barryton residents object to land sale to marijuana company

BARRYTON — For two years, a marijuana business has leased 14 acres of land from the village of Barryton for the purpose of establishing a marijuana grow facility.

Recently, the company, M66 Group LLC, made an offer to the village council to purchase the land for the purpose of expanding their project.

During a meeting this week, residents voiced their objections to the proposed sale for over an hour during the public comment portion of the meeting.

Many residents in attendance expressed concern that the village was giving up more than it was gaining by the sale of the property.

Tyler Dutcher with Vivid Farms Cannabis Company, who also leases land from the village, addressed the council during the meeting. Dutcher said he has been trying to educate the council on the value of “green zone” land and the opportunity for the village to capitalize on establishing a green zone.

Green zone properties refer to commercial real estate eligible for a growing, processing, testing, transportation, or provisioning permit from a local municipality.

“Today, the cheapest green zone you can find is $16,500 per acre, with the highest being $127,000 an acre,” Dutcher told the council. “The negotiations on this property started out at $6,000 per acre. Council decided on $8,500, which is barely anything over what the lease would have made for the village and now they have lost their asset.”

Council president James Soriano said that when M66 Group made the offer to purchase the property, he and another council member contacted realtors to gauge the value of the land before proceeding.

“We contacted two realtors, they both understood that this was for cannabis growing,” Soriano said. “The low end was around $9,000 an acre and the high end was around $20,000. In our area, we are at the low end of value for property. The high end numbers were on more populated areas versus more rural areas. Depending on your location, it makes a difference.”

Be the first to comment

Leave a Reply

Your email address will not be published.