For more than a decade, residents in the Town of Wawarsing have wondered what will become of the former Channel Master and Schrade Knife company site that sits on the outskirts of downtown Ellenville.

That question was answered on Wednesday, when Ulster County Executive Pat Ryan announced that Cresco Labs, a leading cannabis and medical marijuana firm, has selected the site to house its statewide operations for New York state.

Cresco is moving forward with the planning process to develop a major cannabis cultivation, processing, packaging and distribution facility in the area.

It's expected to boost the town’s economy, something that restaurant owner Genaro Garcia calls great news.

“We are in a community with this very little opportunity,” said Garcia, co-owner of Cohen’s Bakery. “There's not much going on. And this will be a significant, significant impact for younger generations,”

The company is proposing to build a 360,000-square-foot processing facility, and is expected to bring 300 to 400 jobs for residents once it is fully operational.

For Garcia, this means more business, not only for him, but for other businesses in the area.

“I think a lot more people will think or they will consider, investing or coming and moving over here,” said Garcia. “They bring their family, kids will go to school here, and it will just be a growing situation for the whole community.”

Officials say Cresco is planning on holding community meetings and forums to get input and feedback from the community.