Hundreds vie for just 5 NY medical marijuana licenses
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The subscription service is currently unavailable. Please try again later.The race is on to secure the five licenses to be granted under New York state’s medical marijuana program, which takes effect in January.
And the cash-crop lottery could bring in millions for the winners.
Statewide revenues will likely total $239 million in 2016 and more than $1.2 billion by 2020, according to a report issued by GreenWave Advisors late last year.
“Let the cash register ring for New York state,” says GreenWave’s Matt Karnes.
And there appears to be no shortage of investors looking to dip a hand into this cash register.
Venture capitalists willing to take the plunge include Privateer Holdings and Tilray, both of which have already had a strong presence in the legal marijuana space.
In addition, the buzz would have it that there is a “major Wall Street broker-dealer“ placing a bet, according to one source.
At last count, there were some 300 applicants poised...
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