What A Waste: New York Cannabis Farmers May Dump 125 Tons Of Weed Due To Scarcity Of Retail Shops
New York’s once hopeful and now beleaguered foray into legal cannabis has hit yet another snag.
A massive oversupply of marijuana has precious few retail outlets to sell it. Three years after legalization, frustration is mounting among farmers and businesses struggling to navigate the state’s complex regulatory landscape that has been besieged with lawsuits and setbacks.
Weed Piles Up, Licenses Lag
Farmers cultivated enough cannabis this past summer and fall to supply 1,500 stores, yet barely 50 legal dispensaries have opened. Consultant Jonah Helmer told Market Watch that some farmers have spent millions of dollars cultivating cannabis, only to sell a fraction of it. With 250,000 pounds of unsold cannabis products representing millions in lost revenue and tax potential, the situation is dire.
Logistical Logjam: Real Estate, Permits, Enforcement
Several factors contribute to the bottleneck, the main culprit being the slow licensing process, …