Floridians have yet to vote on Amendment 2, which would legalize medical marijuana and allow doctors to recommend it as a treatment option. But former biotech executives Michael Smullen and David Wright have already established AltMed LLC., a new company to grow and process medical marijuana.
The company, which already has 16 employees, a Lakewood Ranch address and $5 million invested, intends to grow, process and supply Floridians with a strain of cannabis called “Charlotte’s Web,” a non-psychoactive hybrid type of marijuana.
However, Jeff Maulsby, director of business and economic development for Sarasota County, said the AltMed venture is something of a risk since the company doesn’t know if it will be selected in the state lottery that will grant authority to just one company to produce Charlotte’s Web in one of five established regions.
If Florida voters pass the amendment and AltMed wins the lottery, the company said it can produce the first batch of marijuana possibly as early as November or in late January 2015 after it receives authorization to grow.
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