Massachusetts Cannabis Control Commission Approves Two Provisional License Applications for Bostica LLC
Jun 8, 2020
BOSTON - June 8, 2020 - (Newswire.com)
The Commonwealth of Massachusetts Cannabis Control Commission has awarded Bostica provisional licenses to cultivate and manufacture cannabis in Lynn, MA. Bostica secured a host community agreement with the city of Lynn in April 2019.
“This represents the culmination of two years of dedication and preparation,” said Jarrod Falite, Bostica’s Director of Operations. “We are excited to be one of the few cultivators approved to operate inside the Rt. 128 beltway and look forward to producing premium-quality cannabis products to help meet the growing demand among adult recreational users.”
Bostica was established in 2018 by Jarrod and his father Ray Falite, Bostica’s CEO. Together the pair have more than 60 years’ experience in commercial real estate development, construction and operations management, and HVAC design and installation, the latter of which is critical for indoor growing operations.
“For many looking to enter the cannabis industry finding an appropriate facility is one of the biggest barriers to success,” says Ray Falite, who noted that out of the 108 approved cultivators in Massachusetts only 31 are operational. “We had the good fortune to already have a controlling interest in our facility, as well as the rights to expand into contiguous space, which we plan to do in our second year of operations,” he adds.
In addition to the Falites, Bostica has assembled a deeply experienced team of business experts including Allen Schweitzer, President and CFO, Matthew Parker, Director of Cultivation, Rick Jaffe, Director of Marketing, and Rachel Veron, Director of Sales. Bostica is also working closely with leading professional service providers in the cannabis industry including the law firm of Arent Fox, CohnReznick Tax Advisory, and Smith, Costello & Crawford, Public Policy Law Group.
With the provisional licenses secured, Bostica is exploring partnerships with external investors. “It’s really a ground floor investment opportunity with true first mover advantage,” says Schweitzer. “In 2020, adult-use cannabis sales are projected to increase 55% over 2019, and sales are projected to increase an additional 43% in 2021 to greater than $1 billion. Demand far outweighs supply, with only 31 active cultivators to service 117 dispensaries. Considering the population density inside the 95/128 beltway, Bostica will be the largest cultivator that is closest to the largest pool of customers, providing superior returns.”
About Bostica LLC:
Committed to cultivating excellence, Bostica intends to develop premium quality branded products for Massachusetts’ recreational cannabis users. The company intends to operate one of the most advanced, and largest, indoor growing operations in the state, delivering products valued by consumers, and profits to investors. For additional information please visit www.bostica.com.
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Original Source: Massachusetts Cannabis Control Commission Approves Two Provisional License Applications for Bostica LLC
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