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.
New York State becomes the first in the nation to permit the sale of cannabis at state and locally authorized establishments.
A Farmer's Market in Rensselaer will now offer cannabis sales.
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.
Investing in cannabis stocks presents growth opportunities, with the market forecasted to reach $444.3 billion by 2030; however, limitations such as limited access to financial services and competition can hinder profitability.
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'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.
The "Legalized Cannabis Market Size 2023" report provides an in-depth analysis of the industry, including growth drivers, supply and demand, market attractiveness, and key players, with the market projected to reach USD Million by 2031.
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.
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.
