Spin Cycle

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ALBANY - A national company is the first to make its public pitch to provide a system that would track sales and purity in New York's medical marijuana program.

Amercanex, also know as the American Cannabis Exchange, based in Denver announced Monday that some bold face names from Wall Street are joining its team to seek the lucrative piece of the medical marijuana program needed so New York can effectively tax the transactions.

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A spokesman for Gov. Andrew M. Cuomo said state officials have recently begun focusing on this element of the program that is scheduled to being in January.

New York's medical marijuana program will be limited to providing the drug in a form that can't be smoked to help in treating specific diseases such as cancer under strict requirements to avoid nonmedical use of marijuana. The state chose five firms earlier this month to grow, manufacture and distribute medical marijuana.

The American Cannabis Exchange announced Monday that former New York Mercantile Exchange chairman Richard Schaeffer and NYMEX board member David Greenberg joined the company as it seeks approval among many competitors for a slice of New York's medical marijuana market.