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ALBANY, N.Y. (AP) — New York will evaluate its troubled recreational marijuana licensing program after lawsuits and bureaucratic stumbles severely hampered the legal market and allowed black-market sellers to flourish, Gov. Hochul, a Democrat, has described the state's recreational marijuana rollout as a “ disaster." The Office of Cannabis Management has just 32 people reviewing license applications but has received about 7,000 applications since last fall, a spokesman said. The state's review will embed Jeanette Moy, the commissioner of the state's Office of General Services, and other state government officials, in the cannabis management agency for at least 30 days. “We have built a cannabis market based on equity, and there is a lot to be proud of," said Chris Alexander, executive director of the Office of Cannabis Management.

Persons: Kathy Hochul, Jeanette Moy, Chris Alexander, Moy Organizations: —, Cannabis, Democrat, Cannabis Management, New York Cannabis, General Services Locations: ALBANY, N.Y, — New York, New York City, New

☆ New York Must Figure Out How to Fix Cannabis Mess, Hochul Orders
▼ + stars: | 2024-03-17 | by ( Ashley Southall | ) www.nytimes.com time to read: +1 min

Kathy Hochul has told New York officials to come up with a fix for the way the state licenses cannabis businesses amid widespread frustration over the plodding pace of the state’s legal cannabis rollout and the explosion of unlicensed dispensaries. The main goal of the review, to be conducted by Jeanette Moy, the commissioner of the Office of General Services, is to shorten the time it takes to process applications and get businesses open, officials said. The state Office of Cannabis Management, which recommends applicants to the board for final approval, received 7,000 applications for licenses last fall from businesses seeking to open dispensaries, grow cannabis and manufacture products. But regulators have awarded just 109 so far this year. The agency has just 32 people assigned to evaluate the applications.

Persons: Kathy Hochul, Jeanette Moy Organizations: New, Cannabis Control Board, General Services, of Cannabis Management Locations: New York

ST. PAUL, Minn. (AP) — The recently appointed director of Minnesota’s new marijuana regulatory agency Erin Dupree has resigned amid reports that she sold illegal cannabis products in the state. Dupree ran a business that sold products exceeding state limits on THC potency, owed money to former associates and accumulated tens of thousands of dollars in tax liens, Minnesota Public Radio reported. “I have never knowingly sold any noncompliant product, and when I became aware of them I removed the products from inventory,” Dupree said in a statement Friday. Political Cartoons View All 1176 ImagesHer role as the state's first director of the Office of Cannabis Management would have begun on Oct. 2. The midwestern state is the 23rd in the country to legalize recreational marijuana.

Persons: Erin Dupree, Dupree, —, “, ” Dupree, Tim Walz, " Walz, Charlene Briner Organizations: PAUL, Minnesota Public Radio, Loonacy, Star Tribune, Cannabis Management, ”, Minnesota Public Locations: Apple Valley , Minnesota, “, Wisconsin , Iowa , Nebraska, South Dakota, North Dakota

☆ New York is cracking down on illegal weed stores as legal market struggles to take hold
▼ + stars: | 2023-09-18 | by ( Stefan Sykes | ) www.cnbc.com time to read: +3 min

A pedestrian passes a smoke shop in New York City on June 16, 2023. New York authorities are cracking down on unlicensed smoke shops that are selling cannabis. Currently, there are just 23 legal dispensaries open across the state, with only nine in New York City. But its effort has only begun to chip away at the vendors, particularly in New York City. In addition to skirting the tax system, smoke shops operating illegally may also pose significant health risks.

Persons: Spencer Platt, We're, Daniel Haughney Organizations: New, Getty, New York, Office, of Cannabis Management, CNBC, New York state's, Cannabis Management, New York City, New York Medical Cannabis Industry Association, Cannabis Control Locations: New York City, New York, New

☆ New York expands legal marijuana licenses — but some would-be retailers feel left behind
▼ + stars: | 2023-09-14 | by ( Stefan Sykes | ) www.cnbc.com time to read: +2 min

A woman walks by a smoke shop in New York City that displays a marijuana leaf in the window, June 16, 2023. Coss Marte's marijuana dispensary in lower Manhattan has already cost him over $1 million, and it's not even open yet. On Tuesday, the state's Cannabis Control Board voted for new regulations that would expand New York's meager marketplace for legal weed by allowing a wider range of applicants. New York has prioritized retail licenses for people who had been convicted of marijuana offenses before weed became legal in 2021. But lawsuits by medical marijuana and veterans groups have paused the program and barred New York regulators from issuing more licenses or opening businesses for existing licenses.

Persons: it's, Marte, we've, Chris Alexander, they've Organizations: Cannabis Control, Cannabis Management Locations: New York City, Manhattan, ., York, New York

☆ Cannabis Vendors in Limbo as Judge Halts N.Y. License Program
▼ + stars: | 2023-08-16 | by ( Ashley Southall | More About Ashley Southall | ) www.nytimes.com time to read: +1 min

Just 23 retailers have opened storefronts or delivery services since the first licensed shop opened in December, and only about 18,000 pounds of cannabis have been sold so far, according to the Office of Cannabis Management. At the current sales rate, 564,000 pounds of legally grown cannabis will remain unsold by the end of the year, agency officials said. Some licensees and lawyers have laid some of the blame on Attorney General Letitia James, whose office is responsible for defending the cannabis program against lawsuits. At the hearing last week, her lawyer struggled to answer basic questions about the program from Justice Bryant, such as distancing requirements between dispensaries. Then, an investor agreed in June to put up $150 million to revive the state’s dispensary plan under terms that have not been disclosed.

Persons: Beau Allulli Jr, ”, Letitia James, Justice Bryant, Kathy Hochul’s Organizations: Cannabis Management, Justice Locations: Lower Manhattan

☆ The first NY cannabis licenses have been approved – but these are the 3 obstacles dispensaries are still facing
▼ + stars: | 2023-01-14 | by ( Jordan Hart | ) www.businessinsider.com time to read: +3 min

A real estate expert says license holders now face challenges with finding the right property for their businesses. Business owners are up against strict regulations and uneducated landlords in their search for a storefront. The next hurdle, real estate exec Gregory Tannor of Lee & Associates NYC told Insider, is finding the right real estate for stores. There are "buffer zones" that cannabis business owners must abide by while shopping for real estate. Despite the uphill battle to open legal dispensaries in New York, Tannor told Insider to expect more places to purchase weed opening up in the next few weeks.

☆ New York's first legal recreational marijuana shop opens
▼ + stars: | 2022-12-29 | by ( Daniel Fastenberg | ) www.reuters.com time to read: +3 min

The dispensary was opened in New York City's East Village by Housing Works, a non-profit organization that fights homelessness and AIDS. The non-profit was among the first 36 groups or individuals that the state awarded with a marijuana retail license last month. Retailers can also only sell marijuana that licensed New York producers grew and processed. Alexander, the state marijuana director, said local and state law enforcement have been educating gray-market vendors on the licensing rules, following up with cease-and-desist letters and, more recently, seizing merchandise. New York's marijuana sales will be taxed at 13.5%, revenue that will go to schools, public housing, addiction services and mental health services.

☆ Weed has been legal in New York state since 2021 but the first dispensary is set to open — finally — in Manhattan
▼ + stars: | 2022-12-28 | by ( Jordan Hart | ) www.businessinsider.com time to read: +4 min

Marijuana has been legal in New York State since March 2021, but there are still no licensed dispensaries in NYC. The first legal dispensary in New York State will be opened by an HIV/AIDS nonprofit in Manhattan on Dec. 29, Gov. In March 2021, cannabis was legalized for recreational use in New York state. Kathy Hochul said her goal was to open 20 legal dispensaries by the end of 2022, digital news platform The City reported. Prior to this announcement, how and where to legally obtain weed in New York City was a confusing matter.

☆ Marijuana's black market is undercutting legal businesses
▼ + stars: | 2022-12-23 | by ( Stefan Sykes | ) www.cnbc.com time to read: +3 min

Thriving, unregulated marijuana businesses across the United States are undercutting legal markets awaiting banking and tax reform. Unlicensed businesses are "taking a pretty hefty percent of the potential market share," according to Amanda Reiman, a researcher at cannabis intelligence company New Frontier Data. The problem is particularly cumbersome in New York City, Knowles said. Besides cease-and-desist letters, New York City has begun cracking down in other ways, too. "We will not let the economic opportunities that legal cannabis offers be taken for a ride by unlicensed establishments," the mayor said at a news conference.

☆ New York Approves First Batch of Recreational Marijuana Retailers
▼ + stars: | 2022-11-22 | by ( Jimmy Vielkind | ) www.wsj.com time to read: 1 min

New York state regulators Monday approved roughly three dozen dispensaries for the recreational sale of marijuana, despite a recent court ruling that limited the potential locations for stores. The first permits eventually will allow for the legal sale of marijuana in Manhattan, the Bronx, Queens and Staten Island—but not Brooklyn, the state’s most populous county. A federal judge in Albany earlier this month blocked the state’s Office of Cannabis Management from approving applications for stores in the borough as well as upstate regions including Syracuse, Rochester and Buffalo following a lawsuit by a company owned by a person convicted of a marijuana crime in Michigan who argued that the program’s requirements discriminate against out-of-state residents.

☆ See the first 36 groups that won coveted licenses to sell recreational cannabis in New York, including Housing Works and The Doe Fund
▼ + stars: | 2022-11-21 | by ( Jeremy Berke | ) www.businessinsider.com time to read: +4 min

New York regulators announced the first 36 groups who'll be able to sell cannabis in the state. The 36 licensees include 28 groups of "justice-involved" individuals, who have been convicted of prior cannabis-related offenses in New York state and also have experience running profitable businesses. Wright has repeatedly said that cannabis sales would begin in New York before the end of the year. That means companies are unable to own both a cultivation facility and a retail store, unlike in some other states with legal cannabis markets. The regulations also outline different license types to be awarded in the future, including supply-side licenses, microbusinesses, and retail stores.

☆ New York cannabis farms have nowhere to sell a combined 300,000 pounds of weed, valued at $750 million, as delays continue for dispensaries in the state
▼ + stars: | 2022-11-19 | by ( Jordan Hart | ) www.businessinsider.com time to read: +3 min

New York cannabis farms are unsure of what to do with a combined 300,000 pounds of weed — valued at $750 million — without open dispensaries to sell the pot. Applicants for legal cannabis retail stores are still waiting to hear back from the state's Cannabis Control Board. An estimated 300,000 pounds of weed are becoming a growing concern for farmers who planted the crop in spring 2021 in hopes of cashing in on the drug's legalization in New York state. The lot is valued at about $750 million based on the average wholesale value of $2,500 per pound, according to Bloomberg. In May, Tremaine Wright, chair of the Cannabis Control Board, said the legal retail licensing process would begin over the summer and sales would begin in late 2022.

☆ The ultimate guide to cannabis legalization in New York: The key dates to know, and which stocks could benefit the most.
▼ + stars: | 2022-08-19 | by ( Yeji Jesse Lee | Jeremy Berke | ) www.businessinsider.com time to read: +8 min

In the Empire State, recreational marijuana sales could balloon to $7 billion once the market is fully established. The state's limited medical cannabis program has also seen expansion under the new adult-use bill. The list of qualifying medical conditions for medical cannabis was expanded, along with product options. The exceptions to this may be existing medical operators wishing to transition to adult-use and microbusinesses. Analysts say this makes sense as the industry matures and cannabis companies begin to think of themselves as consumer product companies.

☆ The first legal marijuana farmers in New York are growing for opening season, but still don't know where they're going to sell it
▼ + stars: | 2022-05-25 | by ( Ben Gilbert | ) www.businessinsider.com time to read: +4 min

Legal sales of recreational marijuana are set to begin in New York City in late 2022. With just months to go, marijuana farmers still don't know how they're going to sell their crops. "Right now, that is one of the largest uncertainties," Hudson Hemp CEO Melany Dobson told Insider during a recent visit to the newly-converted marijuana farm in Hudson, New York. That retail licensing process, she said during a board meeting on May 19, is scheduled to begin sometime "this summer." The OCM is expected to offer an update on retail licensing in the coming weeks.

☆ Cannabis companies are racing to cash in on New York's legal marijuana market, but illicit weed vans and galleries are posing a surprising threat
▼ + stars: | 2022-03-28 | by ( Yeji Jesse Lee | Jeremy Berke | ) www.businessinsider.com time to read: +5 min

These "gray market" sellers aren't paying taxes like regulated cannabis companies. On the streets of New York City, it feels as if the cannabis market is already in full swing. While cannabis is legal to possess and consume in New York, businesses need licenses to sell cannabis in the state. Unlicensed cannabis sales continue to compete with regulated cannabis companiesIn states and countries that have already legalized cannabis for recreational use, regulated cannabis companies have struggled to compete against their illicit counterparts. In Canada, which legalized cannabis in 2018, the rollout of the legal market was plagued by supply-chain issues and persistent illicit sales, as Insider reported.

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