One of New York’s five licensed medical cannabis providers, facing financial challenges, is seeking a new owner, according to a report by Politico. Bloomfield Industries, which operates its cultivation and processing facility, the Bloomfield Technology Center, in Long Island City, has opened just three of the permitted four dispensaries, with facilities in Williamsville (near Buffalo, Salina (near Syracuse) and Lake Success on Long Island. The company had originally intended to open a Manhattan dispensary but has yet to do so.
According to Politico, the company’s 26-year old founder, Richard Yost, funded the company initially with a “$4 million loan from his mother, whose electrical company has been tied to organized crime.” The company is looking to relocate its production facility to reduce its rental expense. Politico also reports that the company’s range of products is severely limited compared to its competitors. Several members of the Bloomfield Medical Advisory Board report that they have not been involved with the company since at least the beginning of 2016.
Read Dan Goldberg’s “State-approved medical marijuana company falters amid ‘financial constraints'”: http://www.politico.com/states/new-york/albany/story/2016/09/medical-marijuana-company-facing-financial-constraints-seeking-ownership-change-105617
