New York Officials Release Multi-Year Cannabis Industry Report - Ganjapreneur | How to order Skittles Moonrock online

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New York Officials Release Multiyear Cannabis Industry Report – Ganjapreneur (19459000)

Fri / Oct 4th

By: Graham Abbott

This week, New York officials released a report on the state’s cannabis-reform process. The report covers a period of three years. The report highlights industry trends, successes, and shortcomings.

The full story is below the jump.

Three-year Report on implementation The New York Office of Cannabis Management and Cannabis Control Board released a report on Thursday documenting the adult-use cannabis reforms in the state. It highlights industry trends, successes and weaknesses of the equity program and more.

According to the report 1,342 adult use cannabis licenses were issued, including over 200 retailers. 67% of New York cannabis consumers reported that they purchased cannabis from a legal source. In 2023, the adult-use cannabis market in New York generated $653,9 million in revenue.

The report also noted 54.7% of adult-use licenses were awarded to applicants who qualified for the state’s Social Equity Program, exceeding the 50% goal set by the State. Only 20 operators have used the Cannabis Social Equity Investment Fund.

The report stated that New York’s legalization laws include expungement provisions for more than 400,000 cannabis related crimes. More than 200,000 convictions were already sealed, while another 107,000 are awaiting sealing.

Tremaine Wright (Chair of the Cannabis Control Board) stated in an introduction to this report that despite “growing pains” the industry has experienced — Gov. Kathy Hochul (D) Early this year The regulatory agencies, for example, “acknowledged the opportunities to build on what we’ve already started and look forwards to continuous improvement and adaption to meet the rapidly changing needs of our cannabis industry and community.”

“I am proud of the fact that we continue to exceed our statutory goals by building a vibrant and diverse market.” OCM has worked with us to create a dynamic and responsive license and compliance framework, which is the cornerstone of the market. We continue to improve on it every day.

The report also noted regulators had conducted 1,341 inspections of adult-use cannabis operators resulting in 1,135 violations notices. The report stated that law enforcement has seized over 27,318 pounds. Since the launch of the cannabis industry, law enforcement has seized nearly $120 million in unlicensed cannabis products.

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