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Top related persons:
Kathy Hochul - 1 Jeanette Moy - 1 Chris Alexander - 1 Moy - 1
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ALBANY N.Y — New York New York City New
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— - 1 Cannabis - 1 Democrat - 1 Cannabis Management - 1 New York Cannabis - 1 General Services - 1

Search resuls for: "New York Cannabis"


4 mentions found


☆ New York to Probe Sputtering Legal Marijuana Program as Storefronts Lag, Black Market Booms
  + stars: | 2024-03-18 | by ( Associated Press | March | At P.M. | ) www.usnews.com   time to read: +2 min
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 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 CEO of a cannabis company involved in a bitter dispute over a lucrative New York license blasts MedMen and says the feud makes the entire industry look bad
  + stars: | 2022-03-14 | by ( Jeremy Berke | Yeji Jesse Lee | ) www.businessinsider.com   time to read: +4 min
Ascend Wellness and MedMen are stuck in a heated feud over a lucrative New York cannabis license. Ascend CEO Abner Kurtin said the feud made the whole industry look bad at a critical time. Ascend Wellness CEO Abner Kurtin said the feud had taught New York regulators that cannabis companies couldn't be trusted. Last year, MedMen agreed to sell its New York cannabis retail license to Ascend Wellness Holdings for $73 million. Ascend Wellness HoldingsAscend filed a lawsuit in the state's Supreme Court in January, accusing MedMen of having seller's remorse.
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