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Medical marijuana winners and losers are already starting to emerge as potential bidder drops out

Submitted by Marijuana News on Wed, 05/13/2015 - 22:15

Applications for one of five medical-marijuana licenses in New York will roll into the state Department of Health through a May 29 deadline, but winners and losers already are emerging. And at least one aspiring marijuana grower has decided to take his business elsewhere.

Adam Kurtz, a professional photographer who has grown flowers for 27 years, has been preparing to launch NY Herbal Fusion since September. Now, faced with hesitant investors and stiff competition from established biotech companies, Mr. Kurtz has decided to sell his farm and other properties in Orange County and move his family to Oregon. When Oregon opens itself up to recreational marijuana businesses in January, Mr. Kurtz will need little more than the $4,000 fee to apply. In New York, he was looking to raise $400,000 in his first investment round. But even if he could cover his application and startup costs, Mr. Kurtz said the...

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http://www.crainsnewyork.com/article/20150513/HEALTH_CARE/150519944/as-new-yorks-marijuana-race-nears-starting-line-one-aspiring-grower

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