Competition is heating up among companies jockeying for one of the state’s five medical-marijuana licenses. But for some, being an early adopter in New York, with its restrictive medical-marijuana law, isn’t worth the financial risk.
GrowOp, a unit of publicly traded TerraTech, considered applying for a New York license, but shareholders pushed to prioritize licensing in Nevada instead, citing legal standards that promised a larger patient base and lower infrastructure costs in the desert. The company had looked at purchasing a cultivation site and recruiting staff in New York until last Wednesday, when Terra-Tech CEO Derek Peterson announced the Irvine, Calif.-based company wouldn’t be bidding.
“Putting together a team is not difficult for us, but we want to make sure we’re utilizing our assets and capital for the most advantageous purposes,” Peterson said.
At first, he feared New York would restrict public companies from getting a license. But even after it was clear public companies were welcome, Peterson wasn’t sure that applying early in New York would provide a good return on his shareholders’ investment. [Read more at Crain’s New York Business]
Your email address will not be published. Required fields are marked *
Save my name, email, and website in this browser for the next time I comment.
Notify me of follow-up comments by email.
Notify me of new posts by email.
Almost 17% of regulated marijuana business owners in Colorado identify as minorities, according to new data by the Colorado Marijuana Enforcement Division, but one Black entrepreneur contests that there’s much more work to be done. “Cannabis ownership in Colorado is still a pipe dream for people of color,” said Wanda James, founder and CEO of…
A group of medical marijuana providers, customers and other interested parties made recommendations to a legislative committee Monday for new rules that it says would protect consumers without causing undue harm to Maine’s medical cannabis industry. A bill approved by the Maine Legislature in 2021 overhauled the medical marijuana rulemaking process and halted a set of controversial…
Marijuana will be easier to prescribe and use for medical purposes in New York under recently finalized regulatory changes. The state Office of Cannabis Management said the new certification and registration system officially announced Monday eliminates the list of qualifying conditions — a patient can now be certified for medical marijuana use for any condition…
New data from the Arizona Dept. of Revenue shows that one year after recreational marijuana use became legal in the state, its generated over $44 million in tax revenue. Combined with medical marijuana sales, total sales of marijuana topped $1.2 billion in 2021. After steady growth January and February of last year, recreational total sales…