Fiorello Pharmaceuticals’ Expansion into Medical Cannabis
Fiorello Pharmaceuticals’ Warwick facility is a testament to the power of strategic partnerships and forward-thinking development. By aligning public and private interests, this project not only advances the medical cannabis industry but also provides significant economic and social benefits for the Warwick community.
Size And Scale
Fiorello Pharmaceuticals, Inc. is spearheading the development of a state-of-the-art cannabis cultivation and manufacturing facility in Warwick, NY. The project is designed to support medical cannabis production and processing, contributing to the growth of this emerging industry in the region.
Land Mass
The project includes the construction of a 450,000-square-foot building on a 38.1-acre parcel of land in Warwick, NY.
Total Investment
Fiorello Pharmaceuticals is investing a total of $154.6 million into this development project.
Timeline
15/yr PILOT agreement, ensuring stable and predictable tax arrangements.
Jobs
This project includes the creation of over 175 full-time equivalent (FTE) positions.
Project Challenges
- Regulatory and Zoning Compliance: Meeting strict local and state guidelines for cannabis manufacturing, including safety, environmental standards, and land use requirements.
- Economic Feasibility: Balancing significant upfront capital investment with long-term tax incentives under 10- and 15-year PILOT plans
. - Infrastructure Development: Integrating specialized machinery and construction elements tailored to cannabis production.
How we accomplish
Fiorello Pharmaceuticals adopted a multi-faceted approach to execute this ambitious project:
Partnerships
Partnered with OCIDA to secure $29.8 million in tax incentives.
Economic Incentives
Utilized cost-benefit modeling to ensure an estimated $271 million in net regional economic benefits over 15 years.
Sustainable Design
Focused on minimizing environmental impact through state-of-the-art construction.
Regional Growth
Increased property tax revenues totaling $21 million for the local school district and municipalities.
