NY Firm Pledges $5M for Cannabis Research if Awarded License

A company vying for a medical marijuana license in New York said it will dole out $5 million to academic and research institutions to study cannabis if it wins a state permit.

Fiorello Pharmaceuticals said it will grant $1 million to the Institute of Chemical Biology and Drug Discovery at Stony Brook University and another $1 million to institutions near Albany.

The remaining $3 million will be given to researchers and institutions throughout the state over a five-year period, Fiorello said in a press release. The company also said it will support the Arnold and Marie Schwartz College of Pharmacy of Long Island University in Brooklyn if awarded a license.

Grants would support several studies, including those on how THC and CBD can be used to alleviate pain for conditions outlined in New York’s Compassionate Care Act, the company said.

Companies in the running for New York’s five coveted MMJ licenses have taken numerous steps to make their applications stand out, with some hiring former government officials and others partnering with international firms.

Fiorello teamed up with investment bank CastleOak Securities, a subsidiary of Wall Street heavyweight Cantor Fitzgerald, to secure $7.5 million in initial funding. It has leased 120,000 square feet in Glenville, New York, and has said it will open dispensaries in Syracuse, Rochester, Yonkers and Long Island if it wins a permit.

The state may award licenses as early as this week to five companies to grow cannabis, process it into infused products and set up dispensaries.

7 comments on “NY Firm Pledges $5M for Cannabis Research if Awarded License
  1. Chrohnes4cannabis on

    How is the little guy supposed to get ahead with the big pharmaceutical companies shoveling that kind of start up cash. Thats exactly why we should be able to grow our own. Let them big boyz stick to other medicine. Where was there push for legal cannabis when all of the small money is what helped get laws passed. It’s a weed let it grow.

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    • Dwayne on

      I agree 100% Just let us grow our own in pa. Needless suffering from pain could easily be avoided with a legal medical bill in PA. BEEN smokin weed for 45 years in PA.never had a problem getting it either.

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  2. Symon on

    The production of Marijuana in this country needs to stay in the hands of the people.When Big Pharma and other corporations start to take notice watch out.Before long it will be just like Big Tobacco.The general public won’t be able to grow and you will have to buy your medicine at your local pharmacy.That will not be a good thing! Putting this in the hands of the people,creating jobs in local communities and the tax revenue is where it would benefit the most!

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  3. Leslie Robertson on

    Tobacco, big pharma and the alcohol producers have had their eye on this for years. They are poised, with huge budgets, to lobby and get into every state, medical and recreational. It’s a sad fact, there should be some way to curtail this but the ball is already rolling downhill and won’t be stopped. The little guys will be forced out of business and communities won’t have the jobs they could’ve had. Very sad state of affairs.

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  4. Lawrence Goodwin on

    A belated critique of the naysayers’ comments above: Fiorello Pharmaceuticals seems to be a very decent company making good-faith gestures. Fiorello has proposed giving $1 million to Schenectady County Community College for a training program for growers, etc. I write in late July, on the eve of the big announcement regarding the 5 license winners in New York, and I hope Fiorello is one of them. The company’s planned cannabis cultivation facility is located just a couple towns over from me. Between 50 and 100 local jobs will be created at the facility within the first few months–high-paying, career-track jobs with full benefits in an exciting health care specialty. That’s EXACTLY the kind of economic progress the upstate region needs right now. I look forward to full legalization of cannabis, whose raw materials can fuel thousands of new business opportunities in manufacturing, medicine, nutrition and, yes, recreation.

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  5. Greenknuckle on

    Is that $5 million guaranteed in writing with a signed and binding legal document??? The money is just not going to be there in NY MMJ as the law is now written. There will not be a “greenrush” as there is in Cali or Colorado. Each dispensary will be lucky to gross a million in a year. The scope of ailments covered will produce only a few registered patients. The large majority of MMJ users will stay underground as they are now. The only good thing about this regulation is that a few of the most in need will get a little relief.

    Reply

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