It has been seven months since the launch of one of the most restrictive medical cannabis programs in the country, but New York’s program has fewer than 6K patients. The Albany Times Union reached out to the 5 licensed providers. Bloomfield Industries didn’t respond to its inquiry, while Columbia Care declined to comment. The three other providers, Etain, PharmaCann and Vireo Health, each confirmed that they aren’t yet profitable.
A spokesperson for PharmaCann suggests that it could another year and a half until profitability is attained. Etain COO Hillary Peckham indicated that the company is facing challenges but is starting to see recurring patients. Vireo CEO Ari Hoffnung is encouraged by recent improvement in the patient and doctor enrollment and indicated that the company will soon open its 4th dispensary and has been increasing the hours of the others.
I think that’s the sensible and reasonable thing to do because ultimately costs get passed on to the patient in the form of the price of medication, so you want to balance running an efficient and lean operation with being accessible enough to patients and offering convenient hours and times.
Ari Hoffnung, CEO of Vireo Health of New York
Read Matthew Hamilton’s “Bumpy start for New York medical marijuana companies”: http://www.timesunion.com/tuplus-local/article/Bumpy-start-for-New-York-medical-marijuana-9128231.php#item-38491