To overcome banking issues at dispensaries in other states that already offer legal marijuana options, some companies have been forced to pay cash for rent, bills, mortgages, and wages. Others manage to work with local banks but are less than fully transparent about some of the details of their business, West said.

In Colorado, where recreational marijuana has been legal since January 2014, and where West is based, she says some companies have gone through as many as 15 different banks, and that it will likely be no different in New York.
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Going forward, the level of success these businesses achieve could end up being largely based on the state’s willingness to play a roll in streamlining the application process for patients and helping doctors understand what is required, according to West, who has worked closely with the integration process during legalization efforts around the United States.

While banking issues, local acceptance, and logistical consideration such as the amount and locations of doctors able to prescribe cannabis all play an important role in the success of this industry, according to the National Cannabis Industry Association official, it’s state-level education at the foundation of it all.

“We’ve seen in other states,” she added. “There are dramatic differences in acceptance based on the state’s willingness to educate.”

Read more: http://www.bizjournals.com/newyork/news/2016/01/07/columbia-care-medical-marijuana-manhattan-opens.html