NEW YORK: In business, you have to spend money to make money. In the New York medical marijuana industry, you may just be spending money.
Medical marijuana was legalized in New York in July 2014; however, the licenses to sell were just announced July 31 of this year. Applicants had to pay a refundable registration fee of $200,000 along with a non-refundable $10,000 fee. For a comparison, in Oregon, the application fee is $4,000 and in Massachusetts, there is a Stage One application fee of $1,500 and a Stage Two application fee of $30,000.
Of the 43 businesses that applied, five companies — Bloomfield Industries, Columbia Care NY, Empire State Health Solutions, Etain and PharmaCann — were awarded licenses. Of the states that have legalized marijuana, some — like Florida and Minnesota — also restrict the number of license holders, while others, such as Colorado and California, grant much greater access to licensees.