Dan Goldberg is reporting at Politico New York one of the five companies licensed to sell medical marijuana in New York is being purchased by MedMen, a California-based marijuana management and consulting firm. The state's medical marijuana program is now one year old, and Bloomfield Industries was experiencing financial difficulties for at least the last six months. The MedMen's acquisition of Bloomfield is a change in ownership, which is permitted with health department approval. Until July 31, the new owners must offer the same products, operate under the Bloomfield name at the same facilities, and charge the same price for its products. All five companies licensed to sell medical marijuana in New York have complained of too little demand for their products, and have urged the state to loosen some of its regulations. “There are no issues of supply, there are only issues of demand. ... All of the registered organizations are experiencing financial challenges. No one has made a profit and no one is at break even yet....” said Ari Hoffnung, chief executive officer of Vireo Health, one of the five companies awarded a license. Bloomfield was felled by a combination of questionable business decisions and bad luck, Goldberg writes. The company’s 26-year-old founder, Richard Yost, started Bloomfield with a $4 million loan from his mother, whose electrical company has been accused of having ties to organized crime. Read the full story at Politico New York.