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New York Cannabis Market Analysis


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Gov. Kathy Hochul confirms marijuana dispensaries set to open this year

On Wednesday, Gov. Kathy Hochul said the state’s plan to have 20 conditional adult-use retail dispensaries open by the end of this year is “still on track”.

https://www.syracuse.com/marijuana/2022/10/gov-kathy-hochul-confirms-marijuana-dispensaries-set-to-open-this-year.html

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The Office of Cannabis Management today published guidelines for New York’s first cannabis retail license holders, clearing a significant goalpost in the state’s effort to commence sales this year.

In an interview with the Advance Media New York editorial board earlier this month, Gov. Kathy Hochul said the state’s plan to have 20 conditional adult-use retail dispensaries open by the end of this year is “still on track” – and to expect “another 20″ to open every month or so thereafter.

https://www.syracuse.com/marijuana/2022/10/new-york-just-dropped-guidance-for-the-states-first-retail-weed-dispensaries.html

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New York’s First Recreational Marijuana Dispensaries Could Be Approved Within Weeks, Top Regulator Says

CCB is expected to meet on November 21 and potentially approve the first set of Conditional Adult Use Retail Dispensary (CAURD) licenses. Regulators say that up to 25 of the CAURD licenses will go to eligible non-profits. It’s not clear how many conditional licenses will up for the first approvals that are planned for later this month, but officials say that they will be selecting 150 applicants in total before expanding the application pool.

For what it’s worth, a poll found that most New Yorkers voters are against that proposal to prioritize retail licenses for justice-involved people.

https://www.marijuanamoment.net/new-yorks-first-recreational-marijuana-dispensaries-could-be-approved-within-weeks-top-regulator-says/

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The black market strangled California's legal weed industry. Now it's coming for New York.

 New York leaders decided to take a gentle approach with anyone selling without a license.

Now, an industry expected to generate more than 20,000 new jobs and a $4.2 billion market by 2027 could stumble on arrival as it competes with the booming black market.

 

“Everybody seems to be selling cannabis, and until there’s enforcement, there’s really no concern of a penalty.”

 Owen Martinetti, Cannabis Association of New York

A vendor sells marijuana.

New York legalized adult-use marijuana more than a year ago but is yet to issue a single dispensary license. The result has been a weed free-for-all. | Richard Vogel/AP Photo

https://www.politico.com/news/2022/11/13/california-black-market-weed-new-york-00066470

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Congratulations to both license awardees.

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On Point Cannabis Inc. was one of the Binghamton applications to receive approval. The firm's Damien Cornwell declined to comment.

The other conditional license for the city of Binghamton was granted to William Durham. He said "that's my dream." He also declined to make a detailed comment.

Read More: Two Retail Licenses Approved for Binghamton Cannabis Shops | https://wnbf.com/two-retail-licenses-binghamton-cannabis-shops/?utm_source=tsmclip&utm_medium=referral

~NY approves first 36 cannabis dispensary licenses. What to know about legal pot sales~

Ultimately, up to 175 CAURD licenses will be granted in total.

The board also voted Monday to progress the state’s cannabis regulations package, which will be filed for a 60-day public comment period. Comments can be filed by emailing regulations@ocm.ny.gov.

https://www.lohud.com/story/news/2022/11/21/ny-approves-marijuana-licenses-first-36-who-got-one-drug-convictions/69667157007/

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Damien Cornwell plans to set up the cannabis store at 75 Court Street, where the Just Breathe shop has been selling CBD and other-related products for over a year.

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Read More: Downtown Binghamton Retail Cannabis Shop to Open in January | https://wnbf.com/downtown-binghamton-cannabis-shop-open-january/?utm_source=tsmclip&utm_medium=referral

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Buying Weed at an NYC Bodega? Watch Out for E. Coli, Salmonella and Lead

About 40% of cannabis products purchased from 20 illicit stores in New York City were found to contain harmful contaminants such as E. coli, lead and salmonella, according to a report commissioned by the New York Medical Cannabis Industry Association. Lead, E. coli and salmonella can cause serious health problems. 

“Allowing these unregulated, illicit operations to continue operating with impunity will only exacerbate an already alarming public health trend, especially among teens and young adults who either are unaware of or choose to ignore the health risks,” according to the report.

https://www.bloomberg.com/news/articles/2022-11-30/e-coli-salmonella-found-in-weed-from-illegal-nyc-dispensaries

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New York Officials Explain Rules For Marijuana Delivery Services That Will Serve Consumers Before Dispensaries Open

New York marijuana regulators have released guidance for adult-use retailers that are interested in providing cannabis delivery services, setting the stage for the first sales even before licensees have storefronts—and allowing for deliveries via bikes and scooters as well as motor vehicles.

https://www.marijuanamoment.net/new-york-officials-explain-rules-for-marijuana-delivery-services-that-will-serve-consumers-before-dispensaries-open/

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New York’s First Recreational Marijuana Shop Will Open Next Week, Governor Announces

Gov. Kathy Hochul (D) said that the first cannabis storefront, which will be located in Manhattan, will start serving adult consumers on December 29. 

Housing Works, 750 Broadway, a non-profit organization that provides HIV/AIDS services, will be the first in the state to start recreational marijuana sales. It’s one of 36 organizations to receive Conditional Adult Use Retail Dispensary License (CAURD), which were approved by the Cannabis Control Board (CCB) late last month.

https://www.marijuanamoment.net/new-yorks-first-recreational-marijuana-shop-will-open-next-week-governor-announces/

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On 11/15/2022 at 7:45 AM, Responsible_Adult_Female said:

There are marijuana dispensaries all over the place already.  You can buy it all over town.  Just not officially called a dispensary.

These are not licensed by the state. They are so-called "sticker shops" wherein a "sticker" is sold and then weed is "gifted". I wonder when the IRS will catch up with them. These shops are making an unbelievable amount of $$. 

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A line of several thousand people forms outside of the first legal cannabis store in New York State on Dec. 29, 2022.

"One of the few brands available for purchase at the store, Florist Farms, is co-owned by Allan Gandelman, a member of the Cannabis Advisory Board, where decisions made affect the remainder of the industry. He co-founded a 200-acre farm in Cortland, NY."

https://www.syracuse.com/marijuana/2022/12/day-1-of-legal-weed-in-new-york-the-good-and-the-bad-guest-column.html

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New York State Senator Tom O'Mara has called on Governor Kathy Hochul to crack down on "sticker stores," which use a loophole to sell cannabis illegally.

As recreational cannabis shops open up across New York State, "sticker stores" may open up as well with the aim to skirt the taxes on recreational cannabis.

According to a December report from WNBF's Bob Joseph, two employees of one of these cannabis "gifting" shops in Johnson City, "High Standards,"  were charged with unlawful possession after 1.25 pounds of cannabis was confiscated by law enforcement officers executing a search warrant.

Read More: Hochul Urged to Crack Down on Marijuana "Sticker Stores" | https://wnbf.com/hochul-marijuana-sticker-stores/?utm_source=tsmclip&utm_medium=referral

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CanPay Now Accepted at More Than 1,000 Cannabis Merchant Locations

CanPay's easy-to-use app allows consumers to pay for purchases at cannabis retailers with a simple debit from their checking account using the Automated Clearing House (ACH) network. Merchants with a compliant bank account at a CanPay-approved financial institution may join the CanPay network quickly and easily.

Vireo, NY licensed medical cannabis dispensary, Johnson City, "accepts cash and CanPay".

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Wild West: 1,400 illegal pot shops now open in NYC, already ‘reeking’ havoc

“They’re busy breaking a whole series of our laws. What it is doing is harming the entire model we’ve been trying so hard to build and get established throughout the state,” Sen. Liz Krueger said, testifying remotely at the Council investigative hearing from Albany.

https://nypost.com/2023/01/18/1400-illegal-pot-shops-now-open-in-nyc-already-wreaking-havoc/

*And another challenge...

A new generation of synthetic drugs made from hemp is undercutting the legal cannabis market — and raising concerns about contaminants.

Because they can be made cheaply with hemp — which, unlike marijuana, is federally legal in the US — the drugs exist in a regulatory loophole. Many of the new generation of synthetic cannabis products are made with solvents.

But a “regulatory tipping point” may be looming; the farm bill that legalized hemp in 2018 is being renegotiated this year in Congress, potentially closing up the loophole that makers of the synthetic drugs have exploited to the tune of $2 Billion in 2022 sales.

https://www.bloomberg.com/news/newsletters/2023-01-23/thc-o-vs-delta-8-synthetic-pot-brings-new-competition-to-cannabis

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