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New York Medical Marijuana Firms Are Gearing Up To Grow

marijuana-seedling

New York – As early as friday,  five lucky winners will receive New York State licenses to grow, market and sell medical marijuana. The number of applicants is far fewer than expected.

When the program goes live in January 2016, these five winners will be granted exclusive rights to operate up to four dispensaries apiece.

Doctors who want to prescribe marijuana to their patients must first become certified by the state to do so. Patients are required to go to their doctors for a new prescription every 30 days and then fill it in person at one of the dispensaries. Lastly, medical insurance is barred from covering marijuana due to federal drug laws, meaning patients will have to pay for their weed out of pocket.

The market for medical marijuana is expected to grow rapidly over the next few years. Combined statewide revenue for 2016 is estimated to be around $239 million, growing to more than $1.2 billion by 2020, according to GreenWave Advisors.

Despite all of the regulations, many businesses are anticipating the wide profit margins and eager patients.

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