Some background: The Iron Range is a region of Northern Minnesota blessed with a concentration of iron ore deposits that were mined and shipped out on the Great Lakes for decades in the last century. While all that wealth was being dug out of the ground the state knew it wouldn’t last forever and that somewhere down the road they’d have to recover the land and find alternative employment for the people. Thus, the Iron Range Resources and Rehabilitation Department of Minnesota was created. It siphoned off some of the profits to be used in the future for the wellbeing of the community. The fund that was created is controlled by the Iron Range Resources and Rehabilitation Board or what is known as the “I-Tripple R-B” (IRRRB).
Now for our story provided by KAXE-KBXE
The Iron Range Resources and Rehabilitation Board approved a multimillion-dollar loan request to a Missouri company for a cannabis cultivation and manufacturing facility in Grand Rapids.
In a two-phase project, Highway 35 LLC plans to rehabilitate a former Grand Rapids mill into a cannabis growing and processing facility. The site was once home to the company Ainsworth, which closed the lumber mill in 2008. It’s been dormant since, despite various attempts to redevelop the property over the years.
IRRRB Commissioner Ida Rukavina said the $10 million direct loan through the state agency will be part of multiple public funding streams to put the Iron Range ahead of other regions of the state in this new industry, as well as create jobs and diversify the region’s economy. More
The three republicans allowed to serve on the IRRRB voted against granting this money, but of course Minnesota’s run by democrats so… – Dr. Tar
They know they can make a bigger profit off of weed than anything else. They will make book on the taxes. Small growers here aren’t making it in the black market since it’s been legalized here.
OFF TOPIC BUT POT REMINDED ME OF RFK JR, WHO IS ALL IN FOR REPARATIONS
GOONA TAKE MAGA VOTES FROM TRUMP?? NOT!!
Grant or loan? Title and story contradict each other.
Don’t forget to send 10% of that 10 mil to the “Big Guy” as soon as you get it. Just make sure it’s under the table and unable to be traced.
The IRRRB is calling it a loan. I’m not seeing what the interest rate they’ll charge will be. I’ll bet it’s well below market though.
https://content.govdelivery.com/accounts/MNIRRRB/bulletins/3760e64
The link is interesting showing other projects the IRRRB are funding right now. They make a good comparison.
Weed is a cash crop. In California the black market charges half of what legal weed is selling for and the legal business is in the toilet.
Legalization of marijuana was supposed to eliminate crime in Oregon. It didn’t quite work out that way, since the Mexican cartels are the biggest growers.