A South Florida medical marijuana dispensing organization is thinking ahead, entering into a strategic partnership to help plan for future growth.
Modern Health Concepts, a South Florida-based medical cannabis provider, announced last week that shareholders successfully formed a strategic partnership with PalliaTech Inc.
Created in 2010, the Massachusetts-based company began as a medical device company and was one of the first to develop and patent a medical cannabis vaporizing unit able to deliver a single metered dose to patients. It now operates vertically-integrated cannabis companies in several states.
“We admire what Modern Health Concepts has done to date to successfully evolve this industry and are excited about this partnership,” said Joseph Lusardi, CEO of PalliaTech in a statement. “We are encouraged by the commitment and dedication Modern Health Concepts has demonstrated regarding their vital role in this industry, and we are proud to partner with them and invest in growing their ability to provide medicine to many Floridians for years to come.”
Affiliated with Costa Nurseries, Modern Health Concepts is one of seven approved medical marijuana dispensaries in the state. The company, according to its website, plans to begin offering vaporizing cartridges early this year.
The partnership comes as state lawmakers and the health officials begin the process of implementing Amendment 2, the medical marijuana constitutional amendment.
Earlier this month, the state Department of Health initiated the process of developing rules for Amendment 2. Under the ballot language, the agency has until July 3 to create rules and regulations to implement the new medical marijuana law.
Under the preliminary rule, medical marijuana treatment centers — which would be the same as dispensing organizations — must go through the same “approval and selection process” outlined in existing law. Those organizations are also “subject to the same limitations and operational requirements” currently outlined in state law.
But a proposal by Sen. Rob Bradley looks to change state law as it relates to the number of treatment centers allowed in the state. Under his implementing bill, the Department of Health would be required register five more medical marijuana treatment centers within six months of 250,000 qualified patients registering with the compassionate use registry.
It then allows for more five more treatment centers to receive licenses after the 350,000 qualified patients, 400,000 qualified patients, 500,000 qualified patients, and after each additional 100,000 qualified patients register with the state’s compassionate use registry.
“We are very excited about the opportunity to partner with PalliaTech to augment our operations and enable us to grow at a much faster rate with the end goal to better service increasing demand from patients in need,” said Richard Young, CEO of Modern Health Concepts, in a statement.