The Real Deal New York

Medical marijuana company signs DoBro lease

PalliaTech taking 3,000 square feet at 425 Fulton Street

June 05, 2015 09:30AM

425 Fulton Street and marijuana

425 Fulton Street and marijuana

Long Island-based medical marijuana company PalliaTech made history Thursday with the announcement of a 3,000-square-foot lease for a possible dispensary at 425 Fulton Street in Downtown Brooklyn.

The news marks the first medical marijuana company to commit to a space in the city — though the lease is contingent on PalliaTech being approved as one of five companies selected by the state to legally administer marijuana, Crain’s reported.

“It’s going to look like a super-modern pharmacy,” said Andrei Bogolubov, executive vice president at PalliaTech. “And the clientele will be people registered in the program … there isn’t going to be any walk-in traffic.”

PalliaTech also revealed three other planned locations across the state — the maximum number allowed. The others will be in Utica, Rochester and Newburgh. The company has also secured a lease on a production facility in Plattsburgh.

The deadline to apply for a state license is Friday. The New York State Department of Health is expected to announce the winners of the five slots next month.

Other medical marijuana companies reportedly vying for space in the city are Tilray, a Canadian company backed by the private equity firm Privateer Holdings; Aventura, Fla.-based Empire State Compassionate Care; and Staten Island-based Saint James Global. [Crain’s] — Tess Hofmann