Cannabis ETF Manager Explains Why the Industry Is Falling Short of Expectations

MINNEAPOLIS, Aug. 15, 2019 /PRNewswire/ — PRESS RELEASE — Vireo Health International, Inc., a physician-led, science-focused multi-state cannabis company, has announced that the company’s affiliate, Ohio Medical Solutions (OMS), was granted a Certificate of Operation by the Ohio Department of Commerce. OMS, which will begin operating immediately, was previously awarded a provisional processing license.

OMS is now permitted to purchase plant material from licensed cultivators, manufacture a wide variety of Vireo-branded pharmaceutical-grade cannabis products, and wholesale these products to third-party dispensaries throughout the state of Ohio.

“We are delighted that Ohio Medical Solutions will begin manufacturing Vireo products for the benefit of Ohio patients,” said chief executive officer, Kyle Kingsley, M.D. “The City of Akron has been great to us and as our business grows, we look forward to continuing to create new jobs and make a positive impact on the local economy.”

Located in a former factory building that had fallen into disuse and disrepair, the company’s 11,500-square-foot facility in Akron, Ohio has been transformed, through a multi-million-dollar investment, into a state-of-the-art pharmaceutical manufacturing facility. The renovated facility features new building systems, a new roof, complete interior redesign, and the installation of a best-in-class security system and fence.

“I am honored to serve as general manager and lead this facility,” said Marie Walchalk, OMS general manager. “As a life-long Ohioan I have personally witnessed too many manufacturing jobs leave our state and it’s great to be part of an industry adding new good-paying local jobs.”

Ohio’s Medical Marijuana Bill (HB 523) was signed into law on June 8, 2016 by Gov. John Kasich. The state’s medical marijuana program is rapidly expanding. Sales of medical marijuana officially began on Jan. 16, 2019. There are now 527 certified physicians and 25 active dispensaries serving the state’s 53,082 registered patients and almost 4,000 registered caregivers.