NY medical marijuana company faces tough financial time

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One of New York’s five licensed medical marijuana businesses that’s allowed to grow and distribute MMJ is having a tough time with its finances, which has led it to search for investors to help it recapitalize.

According to a report from Politico, the New York company, Bloomfield Industries, has skipped payments to vendors and is considering relocating its Long Island City cultivation operation. The company founder, Richard Yost, even asked that the state health department sign off on new owners taking over control of the firm, a request regulators are “reviewing.”

Company executives told Politico they’re confident that an investor deal is near, and that they have enough capital to last until they land an investor to keep the business afloat.

“We are not going out of business,” Bloomfield’s COO, Colette Bellefleur, told Politico.

None of the five licensees is yet turning a profit, Politico reported, but found that “the problems at Bloomfield appear worse than its competitors; no other company is discussing changing its ownership with the health department.”