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State medical marijuana program struggling, sales less than projected

Oct 09, 2017 12:30 pm

Jon Campbell is reporting in the Poughkeepsie Journal the state's developing medical marijuana program continues to struggle due to a lack of sales. Nearly two years after the program was launched, the state's five medical marijuana companies have failed to generate revenue. According to state tax-collection data, the program grossed only $16 million, before taxes, expenses or other overhead expenses, from April 2016 through August 2017. Gov. Andrew Cuomo's Budget Division initially projected $4 million in marijuana tax revenue in 2016-17. For the state to receive that amount, sales would have to total more than $57 million. Revenue has begun to steadily increase in recent months, and supporters hope this means the program is headed in the right direction. The sales figures have medical-marijuana companies questioning how long the state can feasibly sustain the program, especially as the Department of Health moves to add five new companies to the list of approved providers. Read the full story in the Poughkeepsie Journal.

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