Hancock’s Town Council unanimously voted to become a 5% equity partner in Harvest’s proposed cultivation and processing facility, forming a first-of-its-kind public-private partnership between the Town and a medical cannabis organization.
The town of Hancock is showing major support by agreeing to be an equity partner with Harvest, a medical marijuana company that is looking to locate its new facility to South Street.
“What it means for the community itself is dollars,” said Daniel Murphy, mayor of Hancock. “If they are successful in their operation and making profits then we are a 5% shareholder in those profits.”
Town officials said they accepted the 5% offer from Harvest at their last town meeting.
“It really solidifies their commitment to our town,” said Murphy. “The company’s idea is that they are going to be here for awhile if they are successful in getting one of the licenses.”
“I mean the support of the community is absolutely critical to the success of the operation,” said Steve White, CEO, of Harvest. “The actual accepting of an equity position is very unique.”