The report revels

Eight of the 20 dispensaries allowed in the state will begin serving patients, while the remainder will open on a rolling basis over the rest of the month, according to the New York Health Department.

Despite the symbolic significance of a large state like New York rolling out a medical marijuana program, the market opportunity is tempered by a relatively narrow list of qualifying conditions and bureaucratic hurdles to getting patient cards.

A prohibition on smokable cannabis could also limit the size of the market, as dispensaries are only able to sell capsules as well as oils and tinctures that can be vaporized or used in inhalers.

The 2015 Marijuana Business Factbook forecast sales of between $40 million and $65 million in the first full 12 months after dispensary openings

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