Hemp-based CBD company receives tax abatement
A wellness company that manufactures hemp-based cannabidiol (CBD) products was unanimously approved by Gresham City Council to receive a five-year Enterprise Zone tax abatement.
Sentia Wellness, is leasing a 159,216-square-foot building at 19730 N.E. Sandy Blvd., which used to be the former home of Boyd's Coffee. Sentia will use the deferred taxes to spur construction of a manufacturing foothold within Gresham, improving the space and purchasing new equipment and machinery.
The company will produce topicals, drops, patches and gummies within the city. Those products will then be sold online and shipped to retail locations across the country, including 7-Eleven, 24-Hour Fitness, Walgreens and more.
The Enterprise Zone was created in 2006 and renewed by council in 2016. The program encourages investment and the creation of family-wage jobs. Gresham City Council approved Sentia's application Tuesday afternoon, Nov. 19.
To qualify for the Enterprise Zone, Sentia had to meet several criteria. The company will invest approximately $20.6 million and anticipates hiring more than 40 employees at the Gresham location. Both are higher than the minimum requirements. Sentia will also comply with job quality and workforce development.
The Enterprise Zone applications also include a community service fee that must be paid to the city in years four and five of the exemption period. That fee is estimated to be $89,000.
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