West Haven medical marijuana manufacturer Advanced Grow Labs is seeking $13.2 million from investors to start producing and selling the drug in New York.
Advanced Grow wants to create a marijuana growing facility and four dispensaries in New York state, said David Lipton, managing partner of the company. New York approved medical marijuana in July and is currently seeking applications for growers and distributors. Connecticut approved medical marijuana in 2013 and currently has more than 3,600 patients using the drug.
Advanced Grow only has one grow facility in Connecticut, where it produces the drug in flower, food, and oil forms, and then ships it to dispensaries run by other companies. In New York, Advanced Grow has the chance to be both a grower and a seller, although the state only allows the drug in an oil form.
All of the medical marijuana facilities in Connecticut had to seek private investors — much like Advanced Grow is doing with its $13.2 million capital raise in New York — because traditional banks have shunned the industry that still is illegal in the majority of states.
— Brad Kane
