Fiorello Pharmaceuticals is pledging to provide $1 million to institutions in the Capital Region if it is awarded one of five medical marijuana licenses from the state.
The New York City-based company announced on Tuesday that it plans to distribute $5 million in research grants over five years to leading academic and research institutions in the state.
The funding is contingent on Fiorello receiving a license from the state Department of Health to establish a medical marijuana facility at the Glenville Business and Technology Park.
“We look forward to providing financial support to the best minds and institutions across New York,” said Ari Hoffnung, founder and CEO of Fiorello. “Together we will help improve the quality of lives of those suffering from debilitating diseases like cancer, ALS and HIV/AIDS and transform the Empire State into a global leader in medical marijuana research.”
It is unclear which local institutions will receive a portion of the $1 million from Fiorello. The company is in discussions with several leading institutions in the region and expects to make announcements in coming weeks, according to a press release.
“The Capital Region is one of the state’s leaders in scientific research and development and we’re confident that our investment will only improve upon the great work that’s already being done,” Hoffnung said.
Another $1 million grant will be awarded to the Institute of Chemical Biology and Drug Discovery at Stony Brook University on Long Island. The other $3 million will be given to clinicians, researchers and institutions statewide, according to the company.
Fiorello Pharmaceuticals is proposing to invest $10 million and create more than 100 jobs as part of a plan to open a medical marijuana research and production facility in Glenville.
The company also plans to open dispensaries in Syracuse, Rochester, Yonkers and Long Island. Fiorello is one of 43 applicants, with proposals also in Clifton Park and Fulton County.
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