Ari Hoffnung founded Fiorello Pharmaceuticals in the spring of 2014 with the aspiration to provide seriously ill New Yorkers with therapy in the form of marijuana. The Riverdale resident competed against 43 other companies for the state’s five total medical marijuana licenses. Fiorello Pharmaceuticals came in just shy of selection, winning seventh place, in July.
“It was certainly disappointing not to win a license with my prior company, but I try to be as forward-looking as possible,” said Mr. Hoffnung.
Down but not out, Mr. Hoffnung’s initial loss has evolved into a victory. He is now CEO of Vireo Health of New York, one of the businesses that won a license.