With a sizable investment and a failed bid for a state medical marijuana license behind them, Modern Corp.’s chief operating officer said the company has taken the loss in its stride and will continue to expand its agriculture business at the H2Gro facility.
Despite the lost opportunity to cultivate medical marijuana in Lewiston, Gary Smith, COO for Modern Corp., said that he has been in recent contact with produce vendors interested in the company’s stock.
Modern Corp., in April, made public the specifics of its medical marijuana bid and touted a nearly $1 million investment, including a baseline $250,000 application fee for one of the state Department of Health’s five medical licenses. With a failure in the first round, Smith said his company will be quick to bounce back.
“To be honest, the investors took the great risk, but the company didn’t have its own money in there,” he said.