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Bumpy Start for New York Medical Marijuana Companies

Submitted by Marijuana News on Mon, 08/08/2016 - 08:45

Andy Williams projects 2016 will be another good year for his marijuana business.

The Medicine Man CEO estimates the company is valued at about $30 million, with some $18 million in revenue projected for 2016.

So goes business for a successful marijuana company in Colorado, where recreational and medicinal uses of the drug are legal.

New York presents a different story for medical marijuana growers and producers, where recreational use remains illegal. Eight months into sales, the eligible patient base remains smaller than companies would like and profitability seems like a distant goal. Three of New York's five licensed operators, Etain Health, PharmaCann and Vireo Health of New York, confirmed in interviews that they are not yet profitable. A spokeswoman for a fourth company, Columbia Care NY, declined to discuss the company's financials. The other company, Bloomfield Industries Inc., did not respond to interview requests.

The fact that...

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