Fine Fettle, a marijuana business that announced in the spring that it would close its West Tisbury operation, is planning to transfer over its local licenses and assets to a new owner.
Ownership of the Fine Fettle’s Island location, the only medical marijuana dispensary and grower on the Island, is in the works to be transferred over to Black Harbor Group LLC, according to town documents.
State records indicate that Black Harbor was created on July 2, and lists its address as 510 State Road in West Tisbury, which is where Fine Fettle is located. None of its managers’ addresses are on Martha’s Vineyard, with the closest being in New Bedford.
Fine Fettle made the formal transfer request to the town on August 19, contingent upon permission from the state Cannabis Control Commission and settling other business details like closing of asset transfers.
The West Tisbury select board is also scheduled to discuss the transfer, and possibly sign a host community agreement during its meeting on Wednesday.
Fine Fettle, a Connecticut-based company, halted production on the Vineyard in April, and announced that it would be shuttering its Island location this month, citing insufficient revenue.
Federal restrictions on the transportation of marijuana by air or water added to the difficulties in supplying their customers at the time. The prohibition of transporting marijuana over water was lifted by the state commission in June.
Benjamin Zachs, COO of Fine Fettle, said while the dispensary is now able to bring in products from the mainland, the company decided it would be a “win-win” situation to sell the Vineyard location to a new owner. The store will still be selling products while government approvals are sought and business dealings are completed.
“There’s still some phases left to get to the finish line,” Zachs said. He said a “deal structure” was in place, but declined to say how much the assets were being bought for.
Zachs said he thinks the buyer will be able to move the dispensary in a “new and positive way” by producing marijuana on the Island and bringing in product from the mainland.
The West Tisbury location was established in 2021 after Fine Fettle inked a landmark deal earlier that year with Geoff Rose, who owns the only other marijuana dispensary on the Vineyard, Island Time.
Monica L. Dean, Black Harbor Group LLC manager and agent, was not immediately available for comment.
Good news for those who use weed as medicine and those who enjoy a joint every so often. Good luck
I look forward to learning more about the people and the $$$ behind “Black Harbor Group LLC.”
This one will fail also. New owner doesnt create more revenue. Overhead versus demand is completely out of whack.
andy — Tesla is bankrupt, offshore wind will never get financing
and there is no ROI to be had in an industry that
generates $40 billion in revenue annually in the U,S.
and is currently increasing sales at a rate of about 4 %
annually.
https://www.statista.com/statistics/933384/legal-cannabis-sales-forecast-us/
Yeaaaahhhhhh- Right.
And about that overhead– perhaps you have finally found
some overreaching regulations and ridiculous levels of taxes
that you like.
Demand?
There is no shortage of demand.
The Island has a long history of demand.
The Island has a long history of Liberalism.
Recent immigrants have had caused little dilution.
Keller
Tesla makes money by selling carbon credits and is heavily subsidized. Offshore wind struggles to get financing and generating revenue is different than generating profit. The US offshore wind industry faces a perfect storm of rising costs, permitting delays and grid connection hurdles – all leading to low returns. Inflation and supply chain challenges have driven up capital expenditure, while financing costs have spiraled due to rising interest rates. Developers want to renegotiate their previously-agreed offtake deals which are no longer profitable while some are trying to cancel their contracts altogether. Selling pot on MV failed with Geoff Rose and will fail again. My comment was about pot profitability on MV not elsewhere. Read carefully. Keller you should stick to carpentry and stay out of finance which you dont understand.
andy–well, Brandon just reduced interest rates, so one of
those hurdles is being reduced. or are you going to try to
tell me that Sleepy Joe had nothing to do with that ,
since I don’t understand finance ?
And just a few weeks ago, OSW was granted the “largest
wind procurement ” ever. You even commented on that
story. Did you forget ?
I don’t care WHY Tesla in not bankrupt.
it actually seems to be doing quite well.
I sold my stock in it about 2 years ago for $222 when
Musk tweeted a sick comment about the
attack on Paul Pelosi. ( I bought
at $88 long before the split)
It’s now at $247. No regrets on my part.
Perhaps, andy, you should stick to finance and
stay out of the cannabis industry, which you
don’t understand.
The island has gone to pot.
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