To Flood Or Not To Flood NY’s Retail Cannabis Market… That Is The Question: Industry Stakeholders Say Take It Slow
Licensing retail cannabis shops has moved at a snail’s pace over the past year, much to the chagrin of industry stakeholders and multi-state operators keen to cash in on New York’s huge and sure-to-be lucrative market.
New York farmers who grew cannabis watched their crops grow moldy, nearly driving them into bankruptcy as the state’s dysfunctional regulatory system remained paralyzed by lawsuits, and setbacks for over a year. Oh, yes, and did we mention the NY illicit weed market is out of control?
In response to the above, Gov. Kathy Hochul told state cannabis officials in March to overhaul the entire retail licensing scheme from top-to-bottom. Shortly thereafter, New York’s Cannabis Control Board approved 101 new licenses, representing a 30% expansion in retail licenses.
So, why aren’t stakeholders happy about Hochul’s move to push the beleaguered industry along?
Too Much, Too Soon, Too Chaotic
The Cannabis Association of New York, a group representing the legal marijuana industry cautioned Hochul and state cannabis regulators about the potential negative consequences of a dramatic …