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 the 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 Aug. 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 their 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 and via 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.
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 Read More