BINGHAMTON, N.Y. -- It's an industry that continues to grow across our region.

Southern Tier hemp companies are already using the plant to produce everything from clothing to medicine.

On Monday, cannabis company Canopy Growth pledged to invest up to $150 million to establish a hemp industrial park in the Southern Tier.

"Not only will this facility be the first of its kind, it will be the forefront of the entire country and help make the Southern Tier the center for a newly unleashed and growing industry," said Sen. Chuck Schumer, (D) New York.

The move is expected to create up to 400 new jobs in the Southern Tier.

Canopy Growth plans to make the Southern Tier a hub for processing, research and development.

While the location has yet to be announced, leaders in Broome County are excited by the news.

"When you talk about the jobs and the investment, that's just a great thing to hear as a county executive when this is going to come into your region. I think our community is certainty suited to become the epicenter of the hemp industry," said Garnar.

In the past, hemp was considered a schedule one controlled substance.

That restricted farmers from growing the crop and potentially benefiting economically.

This move is expected to make it easier than ever before for farmers to get on board.

"That's going to be a huge shot in the arm that will have many more farmers grow the hemp. They've been reluctant to grow it because of the regulations I mentioned, and it will bring other industries here as well," said Schumer.

Assemblywoman Donna Lupardo has made hemp one of her top priorities in the Southern Tier over the past few years.

She released a statement saying in part quote, “I’ve always thought the growing, processing, manufacturing, and research of this crop would have enormous potential for the Southern Tier and the entire state. This level of investment from Canopy proves that industrial hemp can in fact be a major economic driver for our region.”

The location for the park is expected to be announced in the coming days.

The 2018 Hemp Farming Act removed the crop from the list of schedule one controlled substances.