HOLYOKE — Marijuana grower Inexperienced Thumb Industries — the second-largest hashish company in the world with $557 million in annual income income — purchased the closed Hampden Papers complicated at 100 Water St. final month for $4.55 million.
Chicago-based Inexperienced Thumb, recognized additionally as GTI, acquired a particular use allow in August from the Holyoke Metropolis Council to broaden its rising operation into the 326,664-square -foot mill complicated on 5.6 acres bordering on the Paper Metropolis’s historic canals, based on paperwork on file with the Hampden County Registry of Deeds.
Colebrook Realty Companies, which represented the vendor, Hampden Glazed Paper + Card Co., announced the sale this week.
Hampden Papers closed a yr in the past in September 2020 after 140 years in enterprise. The corporate made specialised in coated, laminated, printed and embossed paper merchandise.
The enterprise, not the true property, was bought to LLFlex, an organization in Kentucky. LLFlex purchased Hampden Papers to extend its attain into the premium packaging trade, tapping into Hampden’s experience in movie, foil and metallic wrappings, based on a information launch issued on the time of the sale.
“It was troublesome to shut down a household enterprise that has been in my household since 1880, however I’m happy that GTI has bought our facility at 100 Water Road in Holyoke,” stated Bob Fowler, CEO of Hampden Papers Inc., in a press release supplied by Colebrook. “GTI has already confirmed that they’re a great neighbor and a big contributor to the economic system of Holyoke, offering good jobs and vital tax revenues for the Metropolis.”
GTI, doing enterprise regionally below the model identify Rise, already has a 30,000-square-foot rising facility at 28 Appleton St. However its state license permits it to develop in as a lot as 100,000 square feet. The corporate informed metropolis officers months in the past that it plans to rent 100 to 130 folks along with the 110 staff it has now.
GTI didn’t return calls and emails for remark.
“Whereas unlucky to see Hampden Paper shut, it was necessary to Mr. Fowler that the Property be in good arms going ahead, proceed offering jobs to the larger Holyoke group and GTI will accomplish these objectives,” stated Mitch Bolotin, vp of Colebrook Realty Companies.
Bolotin stated it’s significantly useful to town that the Hampden Papers property bought collectively as a unit, not parceled out to smaller patrons. This makes it simpler for GTI to develop the enterprise.
Legalized hashish, authorized by Massachusetts voters in 2016, is a boon to the Holyoke industrial actual property.
There are 40 properties bought or below settlement within the marijuana trade and town has 50 host group agreements with numerous marijuana corporations both working or in numerous phases of getting going. Not all 50 will open their doorways.
Bolotin stated his firm has bought 10 industrial properties to patrons within the marijuana enterprise, not all of them in Holyoke.
“There may be nonetheless demand from that trade,” he stated.
Inexperienced Thumb has 13 rising and manufacturing places and 97 retail places in 12 U.S. markets. A type of places, a Rise retailer, is in Amherst.