Great New York State Cannabis Growers showcase alongside State Fair

Washington state lawmakers have passed a bill to expand the cannabis market across state lines by entering into an interstate compact, allowing business between state-licensed cannabis companies; however, the implementation of cross-border agreements is contingent upon federal legalization or changes to federal law.

New Jersey's legal weed industry is experiencing slow growth due to a lack of enforcement and a protracted licensing process, resulting in potential tax revenue losses and a stagnant market, according to the New Jersey Cannabis Trade Association. The association blames the New Jersey Cannabis Regulatory Commission for hindering the industry's potential and advocates for the removal of unnecessary bureaucracy. Additionally, the proliferation of unregulated hemp-derived cannabinoids and minimal enforcement against illicit operators are contributing factors to the slow industry growth.

A Farmer's Market in Rensselaer will now offer cannabis sales.

The New York City cannabis industry could generate up to $1.2 billion in annual sales, resulting in about $47 million in local tax revenue, according to a report from the New York City Independent Budget Office (IBO), but significant changes are required in order to reach this potential due to the presence of unlicensed retailers and legal hurdles.

New York's legal recreational cannabis market has opened its licensing process to anyone interested in running a dispensary, allowing applications from all cultivators, processors, microbusinesses, and retailers without prior marijuana convictions. The move comes after a court injunction and is seen as a positive step for the industry.

Hundreds of marijuana businesses in New York may face financial ruin as the state prepares to release general licenses after previously awarding licenses to individuals with prior marijuana-related convictions, leading to lawsuits and a slow rollout of legal weed.

New York officials are intensifying efforts to crack down on unlicensed smoke shops selling cannabis, as the state struggles to establish its legal marijuana marketplace, with an estimated 1,500 unlicensed retailers in New York City potentially holding up to $484 million worth of marijuana products.