3 Missouri medical marijuana companies settle with state, agree to divest licenses

Three licensed medical marijuana companies in Missouri agreed to surrender four business licenses they hold as part of a settlement with state regulators.

According to the St. Louis Post-Dispatch, the companies’ owners signed a deal with Missouri’s MMJ regulators to transfer operational control to a third party by the end of June and then either sell their permits or relinquish them to the state by the close of November.

The companies in question – Archimedes Medical Holdings, FUJM and Holistic Health Capital – were accused by regulators of several rules violations, among them unexplained power outages of security cameras at MMJ cultivation sites and improper pesticide use by growers.

The settlement ended the state’s investigation into the allegations, the Post-Dispatch reported.

The divestiture agreement was not an admission of guilt by any of the companies or their employees, but under terms of the deal, the companies’ owners will be barred from future license ownership in Missouri.

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Archimedes Medical holds one MMJ cultivation permit, FUJM holds two and Holistic Health Capital has a manufacturing license.

All three companies are based in Perryville, south of St. Louis, on the Illinois border.