N.J. Company Buys Virgin Islands Medical Marijuana Firm

[Robert Celt]

A New Jersey holding company has completed its acquisition of a medical marijuana firm, and named new leadership as part of the transaction, it announced Monday.

Piscataway-based Mobile Broadcasting Holding Inc. said in a news release that it wrapped up the deal for U.S. Virgin Islands-based Medically Minded LLC announced earlier this month, naming Ken Sobel the company's new president and Stephen A. Jones, principal shareholder, its new CEO.

Medically Minded provides medical cannabis and cannabis-related products, as well as medical tourist services, MBHC said.

"We're excited the acquisition is complete and that Mr. Ken Sobel will now assume the reins of Medically Minded as president," Jones said in a prepared statement. "With Mr. Sobel's impressive qualifications and experience in the quickly growing cannabis industry, we can now lay the groundwork for building a first-class cannabis operation which will provide a spectrum of integrated services."

Sobel, an attorney, has helped craft the U.S. Virgin Islands' new medical cannabis legislation, which could be implemented as early as spring 2016, MBHC said.

News Moderator: Robert Celt 420 MAGAZINE ®
Full Article: N.J. Company Buys Virgin Islands Medical Marijuana Firm
Author: Eric Strauss
Contact: NJBiz
Photo Credit: Associated Press
Website: NJBiz

 

[ilynnboy]

Last I knew, cultivation of cannabis is not allowed in The U.S.V.I.
I read their newspaper almost everyday and have not read any story stating MMJ is / was approved for use or manufacture in the territories.
A Territory senator is working on one, but nothing is set or introduced into the Senate.
What company is there to be bought?
How is a company a MMJ company without access to MMJ?
By title only?
If so I have a seed company for sale.. Lol