New York State Medical Cannabis Providers to Double to 10

New York Department of Health

The New York State Medical Marijuana Program updated its website today and revealed that it will be registering five more organizations. The program’s initial licenses were awarded to Bloomfield Industries (recently acquired by MedMen), Columbia Care, Etain, PharmaCann and Vireo Health. The program has been slow to start, with just 867 practitioners and 14,045 patients that have registered thus far. While the addition of five new organizations could oversupply the market, the state has recently made several changes that could broaden the base of patients, including adding chronic pain as a qualifying condition and also allowing nurse practitioners and physician assistants to certify patients. Here is the update to the program’s website:

Pursuant to the recommendation of the Medical Marijuana Program to register five additional organizations over the next two years to better serve patients throughout New York State, the Department has contacted the next five highest-scoring organizations:

  • New York Canna, Inc.;
  • Fiorello Pharmaceuticals, Inc.;
  • Valley Agriceuticals, LLC;
  • Citiva Medical LLC; and
  • PalliaTech NY, LLC.

The Department is undertaking a phased-in approach to ensure their smooth integration into the industry. The approach includes performing due diligence, verifying their current financial stability and capitalization, and ensuring their overall suitability to participate in the Medical Marijuana Program in a manner that promotes public health and protects public safety. No other organizations or entities are currently under consideration.

The New York website lists the original scores for all of the applicants from 2015 and links to the full applications (with some redactions), including those of the 5 new organizations that it named today.

Breaking news by Alan Brochstein, CFA

ab-byline-ncvBased in Houston, Alan leverages his experience as founder of online communities 420 Investor, the first and still largest due diligence platform focused on the publicly-traded stocks in the cannabis industry. With his extensive network in the cannabis community, Alan continues to find new ways to connect the industry and facilitate its sustainable growth. At New Cannabis Ventures, he is responsible for content development and strategic alliances. Before shifting his focus to the cannabis industry in early 2013, Alan, who began his career on Wall Street in 1986, worked as an independent research analyst following over two decades in research and portfolio management. A prolific writer, with over 650 articles published since 2007 at Seeking Alpha, where he has 70,000 followers, Alan is a frequent speaker at industry conferences and a frequent source to the media, including the NY Times, the Wall Street Journal, Fox Business, and Bloomberg TV.

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