Advanced Biomedics
The business, the turning points, and the decisions behind them.
01 / WHAT IT BUILT
What the company did
Advanced Biomedics was a Louisiana-based producer and cultivator of medical marijuana. In fall 2017, it was selected by Southern University to oversee the university's medical marijuana cultivation program, making it one of just two licensed medical marijuana producers in the state of Louisiana.
02 / Advanced Biomedics FAILURE REASONS
Failure reasons
Advanced Biomedics never became operational: internal disputes between the company's owners paralyzed it, and in May 2018 the company sued Southern University over the cultivation contract, arguing it had been negotiated by a minority stakeholder without authority. In November 2018, Pennsylvania-based Ilera Holistic Healthcare took over the Southern University contract, and Advanced Biomedics ceased to exist as a functioning producer.
03 / EVENT HISTORY
Events in the structured record
- Founded and selected
Advanced Biomedics is founded in Baker, Louisiana, as a producer and cultivator of medical marijuana, raising a total of $5.1 million. In fall 2017, Southern University selects the company as its private partner to cultivate and distribute medical marijuana for Louisiana's medical marijuana program.
- Contract dispute and lawsuit
In May 2018, Advanced Biomedics sues Southern University over the cultivation contract, contending a minority stakeholder negotiated it without authority and asking a judge to force the university to negotiate in good faith.
- Contract taken over
In November 2018, Ilera Holistic Healthcare takes over the Southern University cultivation contract, buying the 68% stake in Advanced Biomedics held by a Louisiana businessman; Advanced Biomedics never became operational because of disputes between its owners.
04 / CONTEMPORARY REBUILD ASSESSMENT
Difficulty of rebuilding this project today
Material for this section is being gathered and checked. It will appear here once ready.
Overall assessment: Not completed
05 / CAUSAL CHAIN
How the factors connect
- 01
In November 2018, Ilera Holistic Healthcare took over the Southern University medical marijuana cultivation contract from Advanced Biomedics, which had never become operational because of disputes between its owners.