California Firm Acquiring Bloomfield Industries in Medical Marijuana Shakeup
Bloomfield Industries, one of the five companies licensed to sell medical marijuana in New York, is being acquired by MedMen, a California-based marijuana management and consulting firm.
The change in ownership comes just two days after New York State’s medical marijuana program marked its first year, amid cries from executives that the market is not viable and reassurances from the state Department of Health that the program remains on course.
Bloomfield had been facing “financial constraints” for at least the last six months, forcing the company to skip payments to some vendors and entertain offers from several investors, including MedMen, which has a $100 million venture capital arm.
A Department of Health spokeswoman stressed this is not a license transfer, which would be prohibited under state regulation. Instead, it is a change in ownership, which is permitted with health department approval.
The new owners must adhere to Bloomfield’s...
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