Jacob Redmond
Well-Known Member
One of the companies bidding for a medical marijuana license in New York said on Thursday that the industry could eventually generate more than $1 billion in economic activity for the state over the next 20 years.
The analysis, done by PalliaTech Inc., also found that the program could generate nearly $100 million annually in state and local tax revenues by 2035.
The company did not provide a detailed accounting of its projections, but a spokesman for PalliaTech said the company arrived at the figures by reviewing patient participation in comparable states to gauge how New York's population could participate in the program over time, and coupled it with the price of medical marijuana in comparable states.
The Department of Health, which is expected to announce the five licenses this month, will set the price for the drug.
The projections assume that there will be regulatory changes to the existing program, considered to be the most stringent in the nation, to allow for more patients to be treated and companies to operate.
Governor Andrew Cuomo has not indicated that he is willing to expand the program, slated to be operational in January.
News Moderator: Jacob Redmond 420 MAGAZINE ®
Full Article: Medical marijuana bidder sees $1 B. in economic impact | Capital New York
Author: Josefa Velasquez
Contact: Contact Us | Capital New York
Photo Credit: Glen Stubbe/Star Tribune via AP
Website: Capital New York | Politics, Media News
The analysis, done by PalliaTech Inc., also found that the program could generate nearly $100 million annually in state and local tax revenues by 2035.
The company did not provide a detailed accounting of its projections, but a spokesman for PalliaTech said the company arrived at the figures by reviewing patient participation in comparable states to gauge how New York's population could participate in the program over time, and coupled it with the price of medical marijuana in comparable states.
The Department of Health, which is expected to announce the five licenses this month, will set the price for the drug.
The projections assume that there will be regulatory changes to the existing program, considered to be the most stringent in the nation, to allow for more patients to be treated and companies to operate.
Governor Andrew Cuomo has not indicated that he is willing to expand the program, slated to be operational in January.
News Moderator: Jacob Redmond 420 MAGAZINE ®
Full Article: Medical marijuana bidder sees $1 B. in economic impact | Capital New York
Author: Josefa Velasquez
Contact: Contact Us | Capital New York
Photo Credit: Glen Stubbe/Star Tribune via AP
Website: Capital New York | Politics, Media News
