Boston Beer Co. is selling 52 acres of land to a medical marijuana facility developer
Boston Beer Co. is selling its land in Freetown to a Denver-based medical marijuana facility developer.
The maker of Sam Adams reportedly will sell its 52-acres to AmeriCann for $4.15 million plus $525,000 to extend the closing for the property, according to Boston Business Journal. The deal is expected to close May 16.
“We expect the sale to close upon AmeriCann’s receipt of the necessary licenses for their planned business,” Michelle Diamandis, a spokeswoman for Boston Beer, told the Journal.
AmeriCann plans to build a 130,000-square-foot cultivation and processing facility on the property about 50 miles south of Boston. Though AmeriCann doesn’t grow or distribute marijuana itself, the company will partner with licensed companies in Massachusetts who will lease the space, according to Bloomberg.
Boston Beer Co. originally bought the Freetown land in 2007 when the company was planning to build a large-scale brewery, according to a Boston Beer Co. revenue report. However, the company then bought a brewery owned by Diageo in Lehigh Valley, Pennsylvania, eliminating the Freetown project. The land was later placed on the market in February 2008, the Journal reported.
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