Medical marijuana producer eyeing Adamsville site | News … – Sharonherald
ERIE – The sale of a former manufacturing property in southwestern Crawford County was approved by a federal bankruptcy court on Monday, but the sale is contingent on the buyer obtaining a medical marijuana growing license from Pennsylvania.
Adamsville Properties LLC, owner of the property, filed for federal Chapter 11 bankruptcy protection last September to reorganize its debts. Adamsville Properties listed its business as a single asset real estate business with the site as its sole asset. Under federal bankruptcy law, approval of any sale of assets is required by U.S. Bankruptcy Court.
The site, a 45,000-square-foot building and 3.6 acres of land at 3982 Main St., Adamsville, previously was occupied by Garvin Industries, a metal stamping plant that made sink strainers and related plumbing items. The company shut down several years ago.
On March 16, Adamsville Properties filed a motion with bankruptcy court to sell the site to NH Medicinals (Minnesota) Inc. for $339,000 with several conditions. The conditions are selling the property free and clear of all liens, claims and encumbrances; court approval of the sale; and NH Medicinals obtaining a license from Pennsylvania to grow medical marijuana before the time of the sale closing.
Whether NH Medicinals obtains a medical marijuana growing license from the state Department of Health should be known within the next 60 days, Michael Kruszewski, Adamsville Properties’ bankruptcy attorney, told Judge Thomas Agresti at a hearing Monday in bankruptcy court in Erie.
If the sale goes through, Adamsville Properties would be able to repay outstanding real estate taxes and other liens, Kruszewski said.
As of April, Adamsville Properties owes $117,930.18 in unpaid real estate taxes, penalties and interest to the county, West Fallowfield Township and Conneaut School District for 2011 through 2016, according to Crawford County Tax Claim Bureau