Tampa firm wants in on medical reefer

TAMPA — The board of directors for Tampa-based IMD Cos. Inc. says the company is working to getting into medical pot business. IMD has reportedly been in negotiations with several potential acquisition candidates in the industry for the past several months.

“We see a potential for accelerated growth in the expanding medical marijuana industry,” Bruce Collett, IMD Cos. president and CEO, says in a press release. “Our board of directors has taken a broader view of trends in the health and wellness sector and, as a result, we have developed a strategic plan we believe will positively impact our business and our shareholders. The company looks to make major announcements in the near term once these acquisitions have been finalized.”

The medical marijuana industry, which was valued at about $1.7 billion in 2011 by Forbes and others, is expected to grow to nearly $9 billion by 2016 as more states decriminalize marijuana use or legalizing marijuana for medicinal purposes.