New York Medical Cannabis Providers See Slow Start but Improvement Ahead

NY Cannabis License Holders

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 NYC Comptroller OfficeAri Hoffnung, CEO of Vireo Health of New York

Read Matthew Hamilton’s “Bumpy start for New York medical marijuana companies”:

Published by NCV Newswire
NCV Newswire
The NCV Newswire by New Cannabis Ventures aims to curate high quality content and information about leading cannabis companies to help our readers filter out the noise and to stay on top of the most important cannabis business news. The NCV Newswire is hand-curated by an editor and not automated in anyway. Have a confidential news tip? Get in touch.

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