NY medical marijuana company faces tough financial time

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.”

5 comments on “NY medical marijuana company faces tough financial time
  1. DANA R GIGNAC on

    Unfortunately it is NYS a state of control, abuse and corruption, if Governor Cuomo could do anything correct he has shown once again he cannot do anything right, except steal, lie, cheat and deceive every single New Yorker of their money and rights!

    Reply
    • Nikki Vandeputte on

      Because they limited product here is garbage. I was a patient in Colorado and the medicine available in New York is such crap and not what it is intended to be.
      It seems there are no professionals in the business and the regulation of product here completely dissolves the intent of medical marijuana.
      You should have access to different strains for different symptoms. New york just blends their products together, load them with chemicals and then try to sell it to you at a high price.
      Someone in the administration of New York’s MMJ program needs to take a flight to the west coast to see what a real operation and medical program is all about.
      It’s New York is trying to fail.
      Bloomingfield Industries are also garbage and have a rude staff with little to no option of product and constantly have stocking issues.
      If you are to go anywhere- Columbia Care in Riverhead, LI was fantastic for what is available and he staff is super friendly

      Reply
  2. Michael Mayes on

    The current issues of the New York market are twofold.
    1. It isn’t easy for physicians to enter the registry, and
    2. The lack of physicians in the registry the fewer options patients have in obtaining a recommendation from a doctor. Fewer options equal a smaller market and fewer patients in the registry.
    The market is still very new. I think the market will mature over time, hopefully, this type of pressure will help the program along. It is a shame the lack of choices patients have. We need more producers, more options, and high supply to push prices down and increase the quality of the products within the market.

    Michael Mayes
    CEO | Quantum 9, Inc.
    http://www.quantum9.net

    Reply

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