How Much Does Medical Marijuana Cost in New York?

How Much Does Medical Marijuana Cost in New York?

Dispensaries across New York set different prices for comparable medical cannabis products. Factors determining the cost of marijuana at these dispensaries include location, product type, and the quality and strain of cannabis used in the product. The average price of 1 ounce of high quality marijuana in the State of New York is $337. The same quantity of medium quality marijuana is expected to cost about $270.

Can You Use a Credit Card at a Dispensary in New York?

No. Most dispensaries do not accept credit cards because banks and credit card companies are likely to block marijuana-related transactions. This is due to the continuing classification of marijuana as a Schedule I controlled substance and its illegal status at the federal level. New York dispensaries do accept cash payments for medical cannabis orders. Some dispensaries also accept debit card and mobile app payments.

Does New York Tax Medical Marijuana Sales?

Yes. While medical cannabis is exempt from sales tax in New York, the state imposes a 7% on medical cannabis sales. This excise tax is on the gross receipt of medical cannabis transactions.

Does Recreational Marijuana Cost More than Medical Marijuana in New York?

Recreational cannabis is likely to cost more at dispensaries than medical cannabis in the State of New York. This is because recreational marijuana attracts a higher tax rate than medical cannabis in the state. New York levies a sales tax of 13% on recreational marijuana products.

How to Save Money on the Cost of Medical Marijuana in New York

There are no state-run price-reduction programs for any group of registered medical cannabis patients in New York. However, patients and caregivers can spend less at dispensaries by growing cannabis at home for personal consumption. The New York medical cannabis program allows a patient or their caregiver to grow up to 12 cannabis plants (6 mature and 6 immature) at home.

In addition to cultivating their own supply of medical cannabis, patients can also save on the cost of medical marijuana by taking advantage of store sales and discounts at dispensaries close to them. They can shop at different dispensaries near them to find the best prices for their preferred medical marijuana products. Patients can also spend less on medical cannabis by changing their consumption or shopping habits. For example, buying larger quantities of medical cannabis can provide bulk purchase savings. Similarly, switching to longer-lasting cannabis products, such as edibles, can help patients who usually use smokable marijuana to save money.