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New York Cannabis Market Analysis


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Top New York Marijuana Regulator Resigns Following Governor’s Criticism

Alexander resigned, saying “it has been the honor of a lifetime to lead this group of the most dedicated public servants that I have ever encountered,” in his email. 

https://www.thecity.nyc/2024/05/25/chris-alexander-cannabis-resigns/

update The OCM’s chief diversity officer and manager of executive operations, Mary Adelaja, left on June 13, as did the OCM’s chief of staff and counsel, Nicole Triplett. Reportedley the two did not go willingly.

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and... At least four high-ranking employees at New York’s Office of Cannabis Management have recently resigned their positions.

https://www.syracuse.com/marijuana/2024/07/the-exodus-at-nys-office-of-cannabis-management-continues.html

OCM is Hiring: Check out open positions and apply today!

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New York law enforcement officials have passed the 1,000-shop mark in their quest to close down thousands of illegal marijuana shops, Gov. Kathy Hochul and New York City Mayor Eric Adams proudly announced on Wednesday.

New York City alone has sealed illicit cannabis shops 779 times, Mayor Eric Adams said Wednesday. Another 230 have been shuttered across the rest of the state.

 Hochul said that as illegal shops have closed, legal dispensary sales have climbed correspondingly. She said she’d spoken directly to several licensed recreational cannabis shop owners who reported strong sales increases of between 100% and 3,000% since the recent enforcement effort began this year.

Hochul also emphasized that many of the unlicensed shops were selling not just illegal marijuana but cannabis laced with other “chemicals,” which Hochul said sometimes included fentanyl.

https://www.greenmarketreport.com/new-yorks-operation-padlock-closes-1000-illegal-cannabis-shops-officials-announce/

For NY growers : Voice of the Plant is bringing best-in-class genetics from Europe and the United States for a first-of-its-kind collaboration with MJBizCon, taking place Dec. 3-6 in Las Vegas.

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New York’s Legal Marijuana Market Set To Pass $1 Billion In Sales By End Of 2024

As of last week, the total sales figure stood at $863.9 million.

Retail sales have generated $22 million in combined tax revenues for local governments, including $7.9 million to New York City, according to state Comptroller Tom DiNapoli’s office.

More than $16.6 million in tax revenue from cannabiz also flowed to the state treasury through June and is on pace to double last year’s total.

https://nypost.com/2024/11/24/us-news/ny-smokin-it-with-pot-sales-nears-1-billion-mark/

Note Michigan's Legal Marijuana Market Is Poised To Surpass $10 Billion In Total Recreational Sales By Year end.

States Collected More Than $9.7 Billion In Marijuana Tax Revenue Since Mid-2021

https://www.marijuanamoment.net/states-collected-more-than-9-7-billion-in-marijuana-tax-revenue-since-mid-2021-federal-census-bureau-reports/

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New York Gov. Kathy Hochul (D) signed two new cannabis-related bills into law over the weekend—one to revive the Cannabis Growers Showcase program, where producers sell products directly to consumers at farmers market-style events, and another clarifying that cannabis is categorized as an agricultural crop in the state.

Cannabis will now be considered an agricultural crop and treated as such, the same as grapes grown for wine production, hops and malting barley, along with grains used by distillers.

“We’re deeply thankful to Assemblywoman Lupardo and Senators Hinchey and Cooney for their steadfast support of this industry, and in particular, the hardworking New York farmers who have risked and lost so much to get this industry off the ground,” said Damien Cornwell, president of the Cannabis Association of New York. 

https://www.marijuanamoment.net/new-york-governor-signs-bills-to-resume-marijuana-farmers-markets-and-classify-cannabis-as-agricultural-product/

And  https://www.thetimes.com/world/us-world/article/new-yorks-legal-cannabis-market-goes-from-a-high-to-low-vqktlmlr9

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