Almost all 20 of New York’s planned dispensaries are up and running, but at least three of New York’s five licensed medical marijuana operators are not yet profitable, according to a Times Union report.
Etain Health, PharmaCann, and Vireo Health of New York each confirmed that their New York ventures are still in the red; Columbia Care NY declined to discuss their financials, and Bloomfield Industries did not return interview requests, according to the report.
PharmaCann spokesman Fred Polsinelli estimated it will be at least another 18 months until New York’s operators see profitability, noting that it has been less than a year since their products came to market.
“This has not been a small undertaking at all,” he said. “But we are happy because we did not expect to be profitable day one. It’s just the reality.”
Hillary Peckham, Etain Chief Operations Officer, said the growth was slower than she’d like to see, but during their eight months in business they have seen the benefits of their products for recurring patients.
“We’re still having a lot of challenges, and there’s still a huge amount of cost associated with just operating,” she said.
Since its launch in January, just about 6,000 patients and 640 doctors have signed up to participate in the program.