A private company announced on Thursday the acquisition of an existing 86,000 square foot building in Cranbrook for production of medical cannabis.
Dycar Pharmaceuticals Ltd will be moving forward immediately with repurposing of the building, the company said in a press release.
“The process to get to this point has been long and challenging but with us able to now move forward with construction it has been worth it,” said Dycar CEO and Chairman Dylen Wannop.
“We have a talented team of professionals working with us through the construction process and the City of Cranbrook’s staff and Council continue to provide excellent support and guidance.
“We look forward to commencing operations this summer and becoming a strong contributor of Cranbrook’s economy.”
Dycar’s new facilities are in Cranbrook’s light industrial zone and with planned renovations will increase total production space in the building to over 114,000 square feet.
The facilities will be built-out in two phases with construction of the first phase commencing in March 2018. The first phase will develop approximately 33,000 sq. ft. in the building for: cultivation, processing, extraction, laboratories, offices, mechanical, security and packaging / shipping.
Construction and equipping of the first phase will have a capital cost of $7.1 million. The Company anticipates receiving its license to cultivate in June 2018.
Upon full buildout Dycar will have invested over $35 million in establishing their new facilities in Cranbrook. The Company anticipates employing up to 60 personnel for the first phase of operations and over 200 personnel at full build-out.
Dycar is planning a hiring fair in Cranbrook for April. More details for the fair will be advertised later this winter when the event plans are finalized.