US tomato paste capital signs new cannabis deal

740 0

Williams, CA has signed a partnership with Canna-Hub

In June of last year, the U.S. Department of Treasury officially recognized 7,700 census tracts around the country as Opportunity Zones, zones where economic revitalization efforts could receive the most benefit from federal assistance. Among these was Williams, CA, a small town known for its tomato paste that only has 5,400 residents and which suffers from low wages and an unemployment rate of 18%. As a result, the town has signed a deal with Canna-Hub, a company that develops real estate to create its Canna-Hub Campuses in The Golden State.

Canna-Hub works with communities around the state, facilitating business-friendly zoning ordinances and entitlements. It is a type of “all-in-one” shop that helps cannabis companies get going in the underprivileged cities and towns.

Tim McGraw, the CEO of Canna-Hub, explained to Forbes, “We started development of the project in early 2017 before Opportunity Zones even existed. The main objective of all our projects is to support the growth of the cannabis industry by providing a comprehensive real estate solution for licensed cannabis operators while bringing jobs and economic development to cities that need it the most.”

Although Williams had initially rejected the idea of cannabis being available within its borders, seeing how economically viable marijuana operations are has forced the city’s leaders, as well as residents, to have a change of hearts. Canna-Hub will supply an estimated 1,000 new jobs to the community, with steady pay that rivals that of the seasonal agricultural work now available. It will also help boost the real estate market and allow more people to keep their homes – currently, according to Zillow, there are 15 properties for sale in Williams and eight of these are in foreclosure.

One of the most important aspects will be the increased city budget. It is estimated that Williams will receive between $3.2 and $3.4 million annually in tax income, which is twice the current level.

McGraw adds, “The most rewarding part of what I do is seeing the impact our projects have on local economies and communities. The direct and indirect impacts from permit revenues, improved infrastructure to busier local businesses will hopefully have an even broader social impact long term.”