State officials promised a full regulatory review of the proposed purchase of medical cannabis company Etain Health, which has a dispensary in Ulster and a growing operation in Chestertown, near Lake George, by a Canadian cannabis acquisition and investment firm RIV Capital for $247 million.
“As per New York’s Cannabis Law, this proposed transaction, with respect specifically to the registration held by Etain in the State of New York, will undergo a regulatory review and approval process after a complete and adequate application is submitted,” state Office of Cannabis Management Spokesperson Freeman Klopott said last week.
Jen Metzger, a former state senator from Rosendale who is a member of the Cannabis Control Board, said that Etain's medical license is not automatically transferable to a new entity and would be subject to review by the Cannabis Control Board. She added it was too early to comment further on the acquisition just one day after the sale.
RIV announced on March 30 that it was buying the women-owned Westchester-based firm from Amy, Hillary and Keeley Peckham. Etain was one of the first five firms to receive a medical cannabis license in New York state. It is one of just 10 approved vertically integrated operators in New York, according to RIV Capital, meaning that it is involved in every aspect of the product chain. Etain also operates dispensaries in Manhattan, Yonkers and Syracuse.
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