Saratoga Springs is experiencing a significant increase in cannabis revenues after delays in launching recreational cannabis dispensaries across the state. The city’s first dispensary, Silver Therapeutics, opened on East Side last July and has since seen a steady influx of customers.
Jacob LeLievre, the assistant general manager at the Saratoga Springs location, noted the positive impact of warmer weather on business. He expressed gratitude for the continuous stream of customers, stating, “It is finally warm again, it’s bringing the people back out…we’re very grateful to be here serving this amazing community.”
According to Finance Commissioner Minita Sanghvi, the city collected over $92,000 in sales tax revenue from two dispensaries in the first quarter of 2025. Initially, the city projected $150,000 in sales tax revenue for the year, but Sanghvi believes they may reach $300,000 based on current trends.
Brendan McKee, CFO of Silver Therapeutics, anticipates even better business as the city enters its busy tourism season. He stated that the opening of the racetrack and the Saratoga Performing Arts Center (SPAC) will likely boost sales even further. “Even without those two things operating currently, we’re really happy with the traffic that we’re seeing at our store,” McKee added.
Initially, the city expected to receive $250,000 annually from dispensaries, but Sanghvi adjusted this estimate due to delays. She acknowledged the uncertainty in the economy, noting potential impacts from President Donald Trump’s economic policies, particularly concerning tariffs that could affect local energy costs and tourism.
In addition to cannabis sales, a new seasonal paid parking program generated over $131,000 in net revenue, following an initial investment of $145,000 for equipment and installation. Public Works Commissioner Chuck Marshall expressed a desire to rethink the program due to its performance and the need to find alternative revenue sources.
Sanghvi mentioned that additional cannabis revenues could help fund the hiring of 16 new firefighters under the SAFER grant, which requires nearly $1 million for salaries and benefits. So far, the city has set aside approximately $565,000 toward this goal.
The city is actively seeking new and increased revenue streams as Public Safety Commissioner Tim Coll highlighted a nearly $500,000 shortfall in his department’s budget. He noted that the department is down more than 800 hours in overtime for the first two months of the year as they prepare for incoming local and state-level regulations on short-term rentals, which are expected to generate additional revenue.
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