The property once owned by Kraft has been sold – although subject to some unstated conditions. Kraft closed operations in Cobourg in 2008 and sold the 64 acre property – it was bought in 2014 by a Cannabis company now called FSD Pharma who promised to create the world’s biggest indoor marijuana grow-op. This idea faded and FSD Pharma is now in the healthcare business and had no use for the large facility. They listed it for $19.9M but it sold for $16.5M – that’s $258K/acre. The new owner has not been named but seems legitimate since they have made a $660K deposit. The deal is expected to close on May 31, 2022. On the property is the Certo building which had been close to demolition before the ACO convinced the Town and FSD Pharma that it should be saved because of its Heritage value.
I understand that the original sale by Kraft was to a developer, (Michal Hasek, venture capitalist and Real Estate Broker) who then resold it to FSD Pharma. One can only speculate if something similar is happening this time.
FSD Pharma was founded when Cannabis was legalized and they talked of hundreds of jobs. But even now with the property empty, the taxes are $110,000 per year. A large part of the property is undeveloped land – part of which has been leased to the Town for use as a Dog Park – the Lease expires April 2024. It’s currently zoned industrial although re-zoning the empty land to allow housing should be possible.
Because it was once a large employer (1200 at its peak but 380 when it closed), and because it’s a large property, the saga of potential users gets a lot of attention. See the Links below for earlier posts which give an idea of the history of this property.
FSD Pharma Link
Cobourg News Blog Links – ordered by date
- Cobourg Marijuana Update – 16 October 2017
- Certo Building Demolition on Hold – 18 October 2017
- Update on Cobourg’s Marijuana Facility – 22 December 2017
- Marijuana Facility Confirms Financing – 7 March 2018
- FSD Pharma announces Restoration of Certo Building – 10 October 2018
- Cannabis Facility Update – 7 February 2019
- Cobourg’s Cannabis Facility can now sell Product – 22 April 2019
- FV Pharma holds Media Event – 27 April 2019
- Work to start on restoring Certo Building – 24 Feb 2020 – includes photos showing state of building.
- Is Cannabis Factory leaving Town? – 20 April 2020
- FSD Pharma scales down Cannabis Cultivation – 8 June 2020
- Update on FSD Pharma and Kraft Building – 21 March 2021
Northumberland News Links
- Kraft Preparing its last Meal – 18 September 2008
- Former Certo Building to be saved in Cobourg – 23 Nov 2017