Octavius Prince Leads Bid for Greenleaf Compassion Center

Categories: Rhode Island Business NewsRhode Island News

The Greenleaf Compassion Center, a key player in Rhode Island's medical marijuana industry.

News Summary

Octavius Prince is leading a group effort to acquire the Greenleaf Compassion Center, a medical marijuana facility currently facing legal issues. After being put into receivership in 2024, the center is seeking new ownership. The process requires approval from both the court and the Rhode Island Cannabis Control Commission, and Prince’s connections to local politics may play a role in navigating this complex landscape. As he aims to address past legal challenges, the acquisition could significantly impact the future of medical marijuana operations in Rhode Island.

Rhode Island – Octavius Prince has spearheaded a group effort to acquire the Greenleaf Compassion Center, a medical marijuana facility currently under legal scrutiny. The center was placed in receivership in 2024, prompting the search for a new owner. A court appointed Attorney Nick Hemond as the receiver to oversee the sale process and ensure compliance with state regulations.

The acquisition journey, however, is still in its early stages, as final approval from both the court and the Rhode Island Cannabis Control Commission is necessary before the transaction can be finalized. The approval process will likely involve extensive scrutiny given Greenleaf’s recent challenges.

Octavius Prince is notable for his role as the founder and CEO of O Street Capital, an investment firm known for its focus on innovative technologies and passion-driven projects. Although his attorney declined an interview request, they indicated a willingness to respond to written inquiries regarding the acquisition and his larger business strategies.

The Prince family has a long history in the United States, with roots traced back to 1633. Octavius’s late father, Frederick Henry Prince, IV, was a distinguished investor and philanthropist recognized for his contributions to the railroad industry and Chicago stockyards, laying a foundation for Octavius’s current entrepreneurial pursuits.

In addition to his investment endeavors, Octavius Prince is also associated with Ocean State Botanicals, another medical marijuana facility recognized for its advanced extraction methods. Nevertheless, this facility has faced legal challenges, including citations and consent decrees issued by the state’s cannabis regulation office in 2020 and again in 2024, raising questions about operational compliance and scrutiny from regulatory bodies.

Further complicating Prince’s business landscape are his financial contributions to local politics. Both Octavius and his wife, Mary Kate Prince, reportedly donated $1,000 each to Governor Dan McKee, as documented in state records. This connection may be influential in navigating the regulatory process surrounding the acquisition of Greenleaf, although it has not been confirmed whether such donations will play any significant role in securing approval.

Octavius Prince is not only known for his investments but also as a member of several exclusive social clubs, including the Spouting Rock Beach Association connected to Senator Sheldon Whitehouse. This affiliation highlights the interconnected nature of Rhode Island’s political and business landscapes, further encapsulating the complexities of operating within the medical marijuana industry.

Moreover, Prince has a diverse background in the entertainment industry, having credits as an actor and producer in several projects such as “The Preppie Connection,” “Perception,” and “Roe v. Wade.” The combination of his business acumen and artistic endeavors paints a picture of a multifaceted individual navigating through various industries.

As the acquisition of Greenleaf Compassion Center progresses, observers are keenly watching how the involved parties will address the prior legal challenges and what new strategies will emerge to ensure compliance with state laws. The outcome will not only affect Prince’s investments but also the future landscape of medical marijuana operations in Rhode Island.

In summary, Octavius Prince’s bid to acquire Greenleaf Compassion Center is a developing story with potential implications for both the business community and local governance. As the process unfolds, stakeholders remain attentive to the advancements and challenges that may be encountered along the way.