A new pharmaceutical company is announcing plans to purchase the Bristol Virginia mall. The company, Par Ventures incorporated expects to build out the mall within the next two to three year and create over 500 quality jobs.
The project has to be approved by the Virginia Pharmacy Board first if approved the company will re-purpose part of the mall into a pharmaceutical processing facility. That facility would produce and dispense “Cannabidiol” or “CBD” for medical purposes.
Bristol, Virginia City Manager Randall Eads says the city is waiting on approval from the state before the project can move forward.
The state is expected only approve five licenses across the state to cultivate, produce, and dispense “CBD” oil under regulations set by the Pharmacy Board of Virginia.
According to a release from Alper & Associates Consulting The mall operators, with advice from the City of Bristol, is offering reduced lease rates and other incentives to businesses that employ and train at least 90% of their work force from the local area.
Alper & Associates will be preparing the initial application that will include the Bristol Mall as the proposed location for this region. There are five regions across the state that are being considered and one location will ultimately be selected for each region.
“The Bristol Mall is a symbol of what has happened to Southwest Virginia and it is a fitting location to promote economic development and growth in Bristol,” said Josh Alper of Alper & Associates Consulting.
If the State agrees and provides conditional approval in August, the City of Bristol will hold a public hearing and take comments before a meeting of the City Council in September.