Fiscal Challenges for Medical Marijuana Company in New York

Fiscal Challenges for Medical Marijuana Company in New York

Unsplash / Public Domain / Fabian Blank

Bloomfield Industries, one of the five organizations licensed by the state of New York to cultivate and distribute medical marijuana, is facing “financial constraints.”

According to Politico, the Staten Island-based company had a difficult first year and an even more difficult first summer, losing more than $500,000 per month at one point; as a result, Bloomfield is now eyeing investors who can infuse it with the capital necessary to get back on track, including MedMen, a turnkey cannabis management company that recently launched the MedMed Opportunity Fund.

“Bloomfield Industries has made us aware of its recent financial constraints, and we are monitoring the situation closely,” a spokesperson with the New York State Department of Health told Politico. “[The department] has received and is reviewing Bloomfield’s request to have new owners take control of the company.”

While Bloomfield’s hunt for investors may worry some of New York’s medical marijuana patients, the company will keep its doors open. “We are not going out of business,” said Colette Bellefleur, Bloomfield’s COO. “… In any startup company, there are hiccups.”

The staff byline designates content that has been written by a staff writer of MJINews.

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