New York Cannabis Market

[GerryKerns]

New York Cannabis Market

On July 7th, 2014, Governor Andrew M. Cuomo signed into law the Compassionate Care Act to establish a medical marijuana program (“program”). The law set the framework for the medical marijuana program: patients with one of the listed medical conditions could buy and use marijuana if recommended to them by a physician: Marijuana is increasingly being used for treatment of chronic diseases such as Parkinson’s disease, cancer, arthritis, Alzheimer’s disease, along with neurological disorders such as depression, anxiety, and epilepsy. Smoking and edible products are not permitted.

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On July 12, 2018 the New York State Department of Health (NYSDOH) adopted emergency regulations adding any condition for which an opioid may be prescribed as a serious condition for which patients may be certified to use medical marijuana.

As of January 7, 2020, the New York cannabis market has 2,629 registered practitioners and 111,913 certified patients in the program.

There are 10 Registered Organizations (ROs) approved to do business in New York State. Each can have 4 dispensing locations where patients can buy medical marijuana products.

The New York cannabis market size was valued at USD 1.8 billion in 2018 and is estimated to register a CAGR of 14.7% over the forecast period of 2019-2025.

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