Topics

Posted 9/14/2023, 5:48:03 PM

New York Expands Marijuana Licenses, But Existing License Holders Left in Limbo

New York is expanding legal marijuana licenses to more applicants, but some existing license holders feel left behind.
The state awarded licenses to people with past marijuana convictions, but lawsuits have prevented most from opening.
On Tuesday, New York approved rules to allow applications from the general public and big cannabis companies.
This will grow the fledgling legal market, but entrepreneurs with existing licenses face uncertainty.
One license holder has invested over $1 million but can't open, and says he could face bankruptcy amid the legal limbo.

cnbc.com

Relevant topic timeline:

8/22/2023

New Jersey’s weed industry is in a ‘doom loop,’ trade group says

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.

8/23/2023

Great New York State Cannabis Growers showcase alongside State Fair

New York State becomes the first in the nation to permit the sale of cannabis at state and locally authorized establishments.

8/24/2023

NYC Could See $1.2 Billion In Marijuana Sales Annually, But Licensing Hiccups And Unregulated Market Are Holding It Back, City Economists Say - Marijuana Moment

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.

8/27/2023

America's once-booming weed industry 'verges on collapse'

The legalized marijuana industry in the US is facing a crisis due to plummeting prices, inconsistent state regulation, and burdensome taxes, leading to financial struggles and potential collapse for many businesses in the industry.

9/13/2023

New York Opens Cannabis Licensing to All After Lawsuit Delay

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.

9/18/2023

NYC Cracks Down on Unlicensed Cannabis Shops as Legal Market Slow to Launch

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.

9/28/2023

New York's Slow Cannabis Rollout Pushes Some Licensees to Illegal Market

New York's legal cannabis rollout has been plagued by delays and problems, leading to the rise of illegal activity in the industry and a loss of faith in the regulatory system.

10/12/2023

NY's bumpy marijuana market launch benefits big competitors over small businesses

Despite the slow growth of legal recreational marijuana sales in New York due to legal challenges and bureaucratic issues, state regulators are expanding the market by opening up a 60-day application window for new licenses and allowing medical marijuana providers to enter the recreational market, aiming to boost the number of legal dispensaries and compete with the black market, but some farmers and retailers fear being squeezed out by larger companies.

10/12/2023

New York's recreational marijuana launch faces growing pains as few stores open amid legal snags

New York officials are expanding the legal recreational marijuana market by opening a 60-day general application window for new licenses, which is expected to boost the number of legal dispensaries and allow medical marijuana providers to enter the recreational market, but some farmers and retailers are concerned about being squeezed out by larger companies.

Topics

Posted 9/14/2023, 5:48:03 PM

New York Expands Marijuana Licenses, But Existing License Holders Left in Limbo

New York is expanding legal marijuana licenses to more applicants, but some existing license holders feel left behind.
The state awarded licenses to people with past marijuana convictions, but lawsuits have prevented most from opening.
On Tuesday, New York approved rules to allow applications from the general public and big cannabis companies.
This will grow the fledgling legal market, but entrepreneurs with existing licenses face uncertainty.
One license holder has invested over $1 million but can't open, and says he could face bankruptcy amid the legal limbo.

cnbc.com

Relevant topic timeline:

8/22/2023

New Jersey’s weed industry is in a ‘doom loop,’ trade group says

8/23/2023

Great New York State Cannabis Growers showcase alongside State Fair

New York State becomes the first in the nation to permit the sale of cannabis at state and locally authorized establishments.

8/24/2023

NYC Could See $1.2 Billion In Marijuana Sales Annually, But Licensing Hiccups And Unregulated Market Are Holding It Back, City Economists Say - Marijuana Moment

8/27/2023

America's once-booming weed industry 'verges on collapse'

9/13/2023

New York Opens Cannabis Licensing to All After Lawsuit Delay

9/18/2023

NYC Cracks Down on Unlicensed Cannabis Shops as Legal Market Slow to Launch

9/28/2023

New York's Slow Cannabis Rollout Pushes Some Licensees to Illegal Market

New York's legal cannabis rollout has been plagued by delays and problems, leading to the rise of illegal activity in the industry and a loss of faith in the regulatory system.

10/12/2023

NY's bumpy marijuana market launch benefits big competitors over small businesses

10/12/2023

New York's recreational marijuana launch faces growing pains as few stores open amid legal snags