KBIC votes to buy weed farm
The Keweenaw Bay Indian Community voted in favor of a major investment into a medical marijuana facility in a June 1 referendum.
Unofficial results posted on the KBIC website show the vote passed 217-155.
The vote approves the use of $4 million from the KBIC Elder’s Trust Fund to purchase Fresh Coast Farms, LLC, an indoor medical marijuana farm built into the old Extemely Low Frequency (ELF) Center formerly run by the U.S. Navy in Marquette County. The current owner of the facility, Derek Parker, is asking $3 million for the facility.
The withdrawal from the Elder’s Trust Fund is to be paid back with proceeds from the investment.
According to the referendum question, money beyond the cost of the initial facility purchase is to be used for a dispensary, retaining political and legal representation, licensing fees, and other associated costs.