New York: Orange County medical pot company to be sold for $18M
An investment firm seeking to capitalize on New York’s expanding medical-marijuana industry announced Monday that it had reached a deal to buy one company recently licensed to grow and process the drug in Orange County and dropped its bid for another.
The New York City-based buyer, iAnthus Capital Holdings, said it would pay $18 million for Citiva, which has gotten approval to produce medical marijuana at an unspecified location in Orange County and sell it at four dispensaries in other parts of the state.
The state Department of Health announced two weeks ago that it would issue licenses to Citiva and four other companies, doubling the number of medical-marijuana businesses in New York.
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