People trying to get into the marijuana industry, or people that are already in the marijuana industry, have always had their eyes on New York. New York has such a massive population that the potential for success in New York’s medical marijuana industry is obvious. New York recently opened up the application process, and there are already several hundreds of applicants. Per Marijuana Business Daily:
So far, at least 300 would-be cannabusinesses have lined up to submit a business license application and a corresponding $10,000 non-refundable fee to the state health department, according to the New York Post. The application period runs until May 29, so that number could easily double.
Those hundreds are competing for just five permits to grow, process and dispense medical cannabis in the state, and each of the five will be allowed to open at least five dispensaries (though advocates say the law allows for the health commissioner to increase that number).
The stakes are very high in New York. By the time the application window closes at the end of this month, there could be double the amount of applicants that there are now, or possibly even more than that. Five companies are going to essentially win the lottery when they get approved. Everyone else will be left on the outside looking in. I just hope that the five companies that win licenses are good stewards of the industry, and put patients above all else. I’d hate to see nothing but greedy people win the licenses. If so, profits would be put before patients, at which point the industry would never reach its full potential in New York, and patients would likely go back to the black market.