New York’s Illicit Marijuana Market Thrives Ahead of Adult-Use Launch
- 2 years ago
Scores of illicit shops are flourishing across #NewYork, posing a competitive threat to the state’s upcoming #multibillion-dollar #adult-use #marijuana industry. In fact, some unlicensed sellers are peddling marijuana products such as #flower, #prerolls and #edibles from small stands out in the open – including in #public venues such as #Greenwich Village’s #Washington Square Park, long known as a popular meeting spot and cultural hub.
The regulated #recreational marijuana market in New #York is projected to launch late this year or in early 2023. Annual projected sales will hit $1 #billion-$1.2 billion in #2023 and $2.2 billion-$2.7 billion by #2026. #Underground operators, however, could draw customers away from the licensed #businesses because they don’t pay taxes and licensing fees and, so, can offer lower prices. At the same time, the state hopes to convert these illicit businesses into licensed companies and persuade customers to buy regulated products that have passed high safety and #health standards. The state Office of Cannabis Management said it had issued 52 cease-and-desist letters since #February in attempts to rein in the illicit activity across the state, much of it in the #NewYorkCity area. The cease-and-desist letters ordered the underground businesses to stop the illegal activity or risk being rejected for a license in the legal market. The illegal operators also were warned of the possibility of steep fines and criminal penalties.
The state has a goal of issuing 50% of all adult-use licenses to #equity applicants and wants to create a $200 #million public-private fund to help support those individuals.
Distributed by: Cannabis Broadcast Station/ Infinity Broadcast Network
http://www.cannabisbroadcaststation.com
@cannabisbroadcaststaion
#cannabisnews #news
The regulated #recreational marijuana market in New #York is projected to launch late this year or in early 2023. Annual projected sales will hit $1 #billion-$1.2 billion in #2023 and $2.2 billion-$2.7 billion by #2026. #Underground operators, however, could draw customers away from the licensed #businesses because they don’t pay taxes and licensing fees and, so, can offer lower prices. At the same time, the state hopes to convert these illicit businesses into licensed companies and persuade customers to buy regulated products that have passed high safety and #health standards. The state Office of Cannabis Management said it had issued 52 cease-and-desist letters since #February in attempts to rein in the illicit activity across the state, much of it in the #NewYorkCity area. The cease-and-desist letters ordered the underground businesses to stop the illegal activity or risk being rejected for a license in the legal market. The illegal operators also were warned of the possibility of steep fines and criminal penalties.
The state has a goal of issuing 50% of all adult-use licenses to #equity applicants and wants to create a $200 #million public-private fund to help support those individuals.
Distributed by: Cannabis Broadcast Station/ Infinity Broadcast Network
http://www.cannabisbroadcaststation.com
@cannabisbroadcaststaion
#cannabisnews #news