New York’s medical cannabis companies are struggling to turn a profit, according to a new report from the Albany Times Union.
That’s not a total surprise, given how slow the market has been to pick up in the state. In early January, less than 100 patients had registered for the medical cannabis program, and some dispensaries didn’t serve a single patient on their first day.
Three months later, just a thousand patients had been served – only about half the total number that had signed up with the program by that point, meaning there were still around another thousand yet to make a purchase.
And now, eight months in, three of the five companies – which have all likely spent millions of dollars on infrastructure, payroll, technology, insurance, security, and plenty more – told the Times-Union they haven’t made a dime of profit. (Two declined to discuss their revenues.)
As of July 26, less than 6,000 patients had signed up in New York, the International Business Times reported, and only 639 doctors have registered to recommend MMJ. A mere five strains of cannabis products (non-smokable) are legal in the entire state.