Is The Worst Over For New York’s Beleaguered Weed Market? Sales Projections Optimistic Though Cannabis Recall Debacle Hits Home
Over the first six months of 2024, cannabis dispensaries that legally sell marijuana to New Yorkers have sold $260.6 million worth of product, equaling approximately $43.4 million per month.
The upward trajectory revealed in the data released by the Office of Cannabis Management (OCM) could result in the figure hitting between $520 million and $700 million for the full year, reported Cannabis Business Times.
“We’ve been seeing a lot of velocity in this market from the beginning of the year,” John Kagia, policy director at OCM, said during the state’s July 10 Cannabis Control Board (CCB) meeting. “Even as we work through all of these initiatives that are intended to grow this market, we are seeing very green shoots in the doors we have open and the folks that are getting open.”
That said, the crackdown on illegal cannabis sales is ongoing and has resulted in hundreds of unlicensed weed shops being closed by city and state officials.
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