New York Medical Marijuana Companies in the Red

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.

3 comments on “New York Medical Marijuana Companies in the Red
  1. al simon on

    This is no accident both New York and New Jersey’s regulations were set up to fail. New Jersey because Christy inherited legal medical marijuana and is an idiot and refuses to go up against big pharma, the public be damned and new York Because Como is playing his usual political game with the public while looking innocent. Again the public be damned

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  2. Brett Roper on

    It will likely be many years before any of these companies see any kind of real return on investment, let alone cash flow. In the end the losers as announced last year (38 or the 43) may have been the real winners!

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  3. Lawrence Goodwin on

    I’m very grateful to Marijuana Business Daily for its continued coverage of my home state’s relentless suppression of peaceful cannabis growers, sellers and consumers. I personally have invested 16 years into changing NY cannabis policy for the benefit of all, only to be discouraged year after depressing year by the despicable lack of action among state and local officials. It’s great how 6,000 patients signed up in the first 6 months, but it’s so plainly obvious that many more people should be “allowed” access as a means to solve the cash-flow problems. There are an average of 50,000 New Yorkers struggling with cancer-related difficulties alone every year, according to the NYS Dept. of Health. Every single one of those patients should be expeditiously provided with medical cannabis products, if they so choose to try them out. But the obstacles here in New York are giant. In January, as is typical for a heartless career bureaucrat, NYS Health Commissioner Dr. Howard Zucker flat-out rejected adding post-traumatic stress disorder and Alzheimer’s disease to New York’s “qualifying” list—he basically gave a big middle finger to veterans with nightmares and people grappling with deteriorating minds, all because of his own despicable failure to find enough scientific “evidence.” Zucker is accountable to no one but Gov. Andrew Cuomo, who clearly hates cannabis plants as much as he hates New Yorkers who adore them (the truth is that he should view cannabis lovers exactly as he views homosexuals—as people who deserve real freedom). In the governor’s chest beats the heart of New York’s current anti-“marihuana” tyranny. There’s no doubt that police helicopters will still be flying over rural areas statewide, hunting down cannabis plants in concert with local agents on the ground, for several weeks this autumn 2016. They certainly can’t let people grow their own medicine to solve the problem! Reality here in New York long ago smothered any belief I had that public officials value individual freedom, let alone free markets.

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