New York Cannabis Market Analysis

[thomas]

afaik licensed farmers processed a lot cannabis distillate they need to sell. How much actual flower is left in stock I don't know. As I recall the tribes have stated they can quickly place first orders totalling around $10 million. To be determined if NY State is on the hook for any of the unsold cannabis in stock.

[thomas]

NY’s testing failures expose legal weed consumers to unsafe cannabis; a ‘serious health threat’

https://www.syracuse.com/marijuana/2023/09/nys-testing-failures-expose-legal-weed-consumers-to-unsafe-cannabis-a-serious-health-threat.html

A PSA for consumers: you are entitled to see a Certificate of Analysis. Understanding these lab reports, on the other hand, can get complicated. Budtenders *should* be able to walk you through the process, but there are also tons of resources available ...

https://x.com/bradracino/status/1704500458411237802?s=20

https://cannabis.ny.gov/system/files/documents/2023/04/ocm_howtoreadcoa_final.pdf

[relic]

On 9/14/2023 at 2:54 PM, thomas said:

afaik licensed farmers processed a lot cannabis distillate they need to sell. How much actual flower is left in stock I don't know. As I recall the tribes have stated they can quickly place first orders totalling around $10 million. To be determined if NY State is on the hook for any of the unsold cannabis in stock.

afaik......licensed farmers can not make distillate in this state. You need to be a licensed processor in NY to make cannabis byproducts.

Beyond that, marijuana's THC starts breaking down into CBN as soon as it's picked. CBN is not psychoactive and does not contribute to the high. So in the event that NY farmers are actually making distillate (illegal in NY) it's still bunk that will get pawned off on the NYS consumer. It may be a weed product but it is a degraded product and it's potency declines daily.

Seriously, this is a huge ripoff if this old weed is sent to the marketplace.

 

 

[thomas]

The open cannabis application period began on October 4th, 2023 and will remain open until December 18th, 2023.
View the FAQ and related docs (45+ pages) to learn how to apply :https://cannabis.ny.gov/

The two-month application period will close at 5 p.m. Dec. 18.

https://wnbf.com/ixp/497/p/application-period-open-for-cannabis-licenses/?utm_source=tsmclip&utm_medium=referral

BioTrack – the seed-to-sale tracking system New York cannabis businesses must use by Nov. 1. California uses a tracking system and products from legal companies in that state are currently flooding the New York market.

To date NY has confiscated 8,500 lbs of illicit cannabis, per Gov Hochul.

https://www.syracuse.com/marijuana/2023/09/new-yorks-licensed-cannabis-operators-turning-toward-illegal-market-to-make-ends-meet.html

[thomas]

 UPDATE : All adult-use license applications must be submitted by 5:00 PM EST on Monday, December 18, 2023.

~ afaik Buffalo, Rochester, and Syracuse have been inundated with paperwork from people seeking permits from municipalities.

U.S. Senator Kirsten Gillibrand is calling on the Drug Enforcement Agency (DEA) to reschedule marijuana from a Schedule I to a Schedule III substance. 

https://goldrushcam.com/sierrasuntimes/index.php/news/local-news/51558-u-s-senator-kirsten-gillibrand-calls-on-drug-enforcement-agency-to-reschedule-marijuana-to-a-schedule-iii-substance

The latest numbers are in, and New York state has officially exceeded $100 million in total recreational marijuana sales.  

Only 27 dispensaries have opened statewide since it was legalized, but over 50 showcases are currently in operation, allowing growers to gather in one place and set up tables.  

The Cannabis Control Board says sales are now consistently topping $4.5 million per week.

https://bronx.news12.com/new-york-surpasses-100-million-in-recreational-marijuana-sales

[thomas]

ALBANY — The state Office of Cannabis Management’s executive director is hosting a virtual town hall with retail license holders on Wednesday afternoon 12/6 to outline “what’s next” after New York recently settled two lawsuits that had hindered the embattled rollout of the industry.

The online event is scheduled to begin at 4:20 p.m. with Chris Alexander answering questions that have been presubmitted by members of the public. Those questions can be submmitted here.

The town hall will be streamed on Twitter, YouTube and LinkedIn through the office’s social media account: @nys_cannabis.

https://www.timesunion.com/state/article/virtual-town-hall-today-tell-cannabis-licensees-18536665.php

[DanCooper]

Researchers estimate 30% of cases of schizophrenia among men aged 21-30 COULD HAVE BEEN PREVENTED if they weren’t potheads. Funny that.

 

https://www.nih.gov/news-events/news-releases/young-men-highest-risk-schizophrenia-linked-cannabis-use-disorder

[thomas]

Legal cannabis is tested, regulated so it's not adulterated by chemicals.

Unregulated black market mj is laced with chemicals providing one with a potently dangerous, even deadly, buzz.

"Sierra Leone, Guinea, and Liberia are grappling with an increasing number of young people becoming addicted to a substance known as kush or K2."

"The illegal synthetic drug known as kush is not to be mistaken with the synonymous marijuana strain. Manufactured and distributed by criminal gangs, they are an amalgamation of the various chemicals and plants that mimic the natural (cannabinoid) THC found in cannabis." 

https://www.france24.com/en/live-news/20230721-synthetic-drug-kush-ravages-sierra-leone-s-young

[thomas]

New York marijuana regulators on Friday gave the formal thumbs up to six of the state’s 10 licensed medical marijuana companies – most of which are large multistate operators (ROs) – to begin adult-use cannabis sales on Dec. 29, precisely one year after recreational sales were launched in the Empire State.

 R.O.’s (Retail Operators) will be required to reserve 50% of their shelf space for cannabis brands that are not owned by any of the R.O.’s, thus ensuring a measure of product diversity. That policy also addresses fears expressed by smaller operators.

The half dozen that got the green light from the state Cannabis Control Board include:

Columbia Care NY LLC (NEO: CCHW) (OTCQX: CCHWF)

Curaleaf NY LLC (CSE: CURA) (OTCQX: CURLF)

Etain LLC, which is owned by Riv Capital (CSE: RIV) (OTC: CNPOF)

NYCANNA LLC, which is owned by Acreage Holdings Inc. (CSE: ACRG.A.U) (OTCQX: ACRHF)

PharmaCann of New York LLC

Valley Agriceuticals LLC, which is owned by Cresco Labs (CSE: CL) (OTCQX: CRLBF)

“As New York works to turn the tide in shutting down the illicit market, the most effective tool to do so is with a robust legal market where New Yorkers can securely purchase safe, tested, and well-regulated cannabis products, and that is what this ratified agreement ensures,” Curaleaf CEO Matt Darin said in a statement.

https://www.greenmarketreport.com/new-york-regulators-greenlight-rec-market-entrance-of-six-medical-cannabis-behemoths/

[thomas]

Politicians, farmers, retailers decry decision to end Cannabis Growers Showcase

Since its inception in late summer, the CGS program has generated more than $4 million in sales. With an estimated 240,000-pound surplus of weed grown by cannabis cultivators over the past two years and only 32 licensed dispensaries, statewide, capable of selling that product, the CGS events have proven to be a lifeline for some farmers.

“I am not happy with the decision to end the Cannabis Growers Showcases, given the enormous surplus of product our cannabis farmers still have available,” Lupardo said. “We’re setting up some meetings. First, we want to know why they are ending … and at the very least, we want to see special event permits issued.”

For her part, State Sen. Michelle Hinchey said, “I fully support an extension of Cannabis Growers Showcases, and alongside Assemblywoman Donna Lupardo, we are looking at all avenues through which extensions, alternatives, and short-term permits could be utilized.”

https://www.syracuse.com/marijuana/2023/12/politicians-farmers-retailers-decry-decision-to-end-cannabis-growers-showcase.html

[ginger]

I'm surprised by how many people on twitter post photos of their perfect little pot plants and set ups. 

They'd probably make more money doing tomatos. 

[thomas]

New York cannabis regulators took in about 7,000 business license applications for marijuana companies during its latest submission window, which closed on Monday.

In this round, regulators will issue a maximum of 1,445 permits for retailers, microbusinesses, growers, processors, and distributors. That’s in addition to the 463 conditional adult use retail dispensary (CAURD) permits previously awarded, 279 conditional cultivators and 40 processors already licensed, and the 10 medical “registered organizations” that just began getting approval to join the recreational market. The state had 38 operational legal marijuana shops as of Dec. 19.

https://www.greenmarketreport.com/about-7000-adult-use-cannabis-applications-estimated-in-new-york/

[thomas]

Just Breathe founder, Upstate New York’s first legal marijuana dispensary, is taking over an advocacy group that lobbies on behalf of the state’s cannabis industry.

Damien Cornwell is now President-Elect of the Cannabis Association of New York, or CANY, which was first established to represent hemp farmers and CBD producers in the state.

Cornwell says that while opening up retail licenses to larger businesses will create more competition, the biggest threat to his membership are the illegal pot shops and delivery services.

He says the illicit market must be reined in and bad actors held accountable. 

“Unfortunately, those lines were not drawn and adhered to in the very beginning of the market," he said.

https://www.msn.com/en-us/foodanddrink/foodnews/just-breathe-founder-leads-new-york-cannabis-group/ar-AA1mwDf3?ocid=hpmsn&cvid=56141085c790451a931318fac820294c&ei=21

New York Gov. Kathy Hochul on Tuesday, 1/16/24, proposed the state repeal its THC potency-based tax structure for legal cannabis

CANY has long called for state officials to change course on New York’s potency tax and impose an excise tax instead. 

“Of course we will continue to advocate for a lower tax rate, however we believe that is a good start to a final solution,” CANY President Damien Cornwell said.

https://www.syracuse.com/marijuana/2024/01/will-repealing-the-potency-tax-help-new-yorks-struggling-cannabis-businesses.html

 

 

[thomas]

New York cannabis business will need to implement costly seed-to-sale tracking system in two months

The process of setting up and implementing such a system is expensive and time consuming. Under the system, cannabis business licensees at all levels – from cultivation to retail – will have to input data about the products they’re growing, buying and selling, which all goes into a unified data tracking system. It will probably cost around $20,000 per year to remain compliant with the tracking system.

Much of the data required is redundant for processors, because they are required to pass Good Manufacturing Practice (GMP) audits, which require a lot of the same information as the seed-to-sale system.

https://www.newyorkupstate.com/marijuana/2024/02/new-york-cannabis-business-will-need-to-implement-costly-seed-to-sale-tracking-system-in-two-months.html

[ginger]

Wow, is it true you can grow 5lbs for yourself? I thought I read Kathy Hochul mention something along those lines. 

In the meantime, car accidents all over the place, people weaving and swerving their vehicles. Must be stoned out of their minds.

I also saw in Rochester a senior in a nursing home died from a prescribed thc gummy. Went unresponsive, died at the hospital.

[ginger]

7 hours ago, ginger said:

Wow, is it true you can grow 5lbs for yourself? I thought I read Kathy Hochul mention something along those lines. 

In the meantime, car accidents all over the place, people weaving and swerving their vehicles. Must be stoned out of their minds.

I also saw in Rochester a senior in a nursing home died from a prescribed thc gummy. Went unresponsive, died at the hospital.

What the heck, another crash on Main Street? Are these people totaling their own vehicles to collect the insurance money? Are they stoned, texting? It's freaking MONDAY! 

[thomas]

New York’s cannabis regulators have collected only $22.5K of the $22M in fines issued to unlicensed stores. 

https://thefreshtoast.com/cannabis/ny-begs-tech-companies-to-solve-their-weed-problem/

[ginger]

On 3/4/2024 at 1:56 PM, thomas said:

New York’s cannabis regulators have collected only $22.5K of the $22M in fines issued to unlicensed stores. 

https://thefreshtoast.com/cannabis/ny-begs-tech-companies-to-solve-their-weed-problem/

And yet, I read about the owner of a corner store in NYC who was fined thousands of dollars for charging cigars $.11 cents too little. Apparently in NYC, the cheapest you can sell a cigar is $8.50. 

No menthol cigarettes or cigars but feel free to grow POUNDS OF POT! 

[thomas]

3/12/24... Industry stakeholders are alleging New York’s Office of Cannabis Management – the agency charged with overseeing the state’s legal marijuana market – is using enforcement powers to retaliate against those who speak out about its part in the flawed rollout of the new marketplace.

https://www.syracuse.com/marijuana/2024/03/terrified-to-criticize-accusations-of-hostility-and-retaliation-surface-against-nys-office-of-cannabis-management.html

3/15/24... Person at center of NY Office of Cannabis Management enforcement sues state agency...

https://www.syracuse.com/marijuana/2024/03/person-at-center-of-ny-office-of-cannabis-management-enforcement-sues-state-agency.html

3/18/24...Top state cannabis official Damian Fagon put on administrative leave following NY Cannabis Insider investigation

https://www.syracuse.com/marijuana/2024/03/top-state-cannabis-official-damian-fagon-put-on-administrative-leave-following-ny-cannabis-insider-investigation.html

[thomas]

[thomas]

ACE Venture Enterprises, Inc. Announces Planned Acquisition of Vireo Health of New York from Goodness Growth Holdings

– Ace plans to retain Goodness Growth (Vireo Health NY) with a collaborative advisory agreement to advance the long-term success of both organizations -

Goodness Growth and Ace anticipate regulatory approval for the transfer of the New York licenses, as well as closing of the VireoNY transaction, to occur by June 30, 2024.

Vireo Health has a medical dispensary in Johnson City, NY

https://vireohealth.com/ace-venture-enterprises-inc-announces-planned-acquisition-of-vireo-health-of-new-york-from-goodness-growth-holdings?_ga=2.261860554.65694513.1712020885-1946443044.1682482595

[thomas]

UPDATE: Judge Kevin Bryant wrote a decision on Wednesday that invalidated the Office of Cannabis Management’s entire slate of adult-use regulations, but amended his decision on Thursday to void only the rules banning third-party advertising.

https://www.syracuse.com/marijuana/2024/04/judge-walks-back-order-invalidating-all-of-new-yorks-cannabis-regulations.html

[thomas]

Hochul, Adams vow major crackdown on illicit NYC cannabis shops

Said Hochul, “I’m using the power of the state budget to give us the tools we need at the state and local level to shutter these illegal shops once and for all.”

© Susan Watts/Office of the Governor

https://www.msn.com/en-us/news/us/hochul-adams-vow-major-crackdown-on-illicit-nyc-cannabis-shops-insanity-stops-right-now/ar-AA1nk9gl?ocid=hpmsn&cvid=7e5f88ceba7e42a7877f292e5b29055b&ei=12

 

 

[thomas]

NY cannabis director out as Hochul announces 'overhaul' of troubled office

His impending departure comes as the governor announced Friday afternoon that a month-long review of the embattled cannabis agency’s operations had revealed widespread problems that will lead to its “overhaul” of the embattled agency.

“Today is not about pointing fingers, it’s about pointing OCM in a new direction,” the governor said. “We’re going to prioritize hiring and training new staff capable (of handling) key agency operations.”

https://www.timesunion.com/capitol/article/head-ny-cannabis-office-asked-step-19450820.php

“I wish the governor had asked for the review a year ago, since I know that OCM leadership was begging for more staff and guidance and was ignored,” State Sen. Liz Krueger said. “Much of this could have been avoided,” she added.

https://www.msn.com/en-us/news/us/gov-kathy-hochul-s-cannabis-agency-ripped-as-office-s-head-is-ousted-over-confusion-difficulties-and-delays-damning-report/ar-BB1mbhWx?ocid=hpmsn&cvid=ac836547ff2b43288af9a2cf9c12db23&ei=11

[thomas]

> New York halts cannabis equity fund amid allegations of predatory lending practices as new DASNY director faces lawmakers

https://www.greenmarketreport.com/new-york-halts-cannabis-equity-fund-as-new-dasny-director-faces-lawmakers/

> A Central New York weed shop owner was fined $15.2 million by the state Attorney General after state officials say he ignored multiple orders to stop operation, officials announced Thursday.

https://www.syracuse.com/crime/2024/05/central-ny-weed-shop-owned-fined-152-million-by-state-after-ignoring-orders-to-stop.html

> Buffalo is asking stores selling cannabis without a license to cease doing so immediately

The city of Buffalo's commissioner of permit and inspection service Catherine Amdur, says there are stores selling cannabis and they don't have a permit to do so.   

https://www.wgrz.com/article/money/business/buffalo-cannabis-crackdown-stores-without-license/71-64b7b3b9-1eba-4a70-98b9-814d39d64d46