Adult-use cannabis sales in New York surpass $16.5 million

Regulated adult-use marijuana sales in New York state have surpassed $16.5 million since the first dispensary opened in December, state regulators said last week.

Despite early estimates projecting sales in excess of $1 billion in 2023, lawsuits and bureaucratic delays have consigned New York’s adult-use market to a slow start.

ADVERTISEMENT

Many licensed equity operators have struggled to secure funding and real estate to launch their businesses, and the multistate operators who hold most of New York’s limited medical marijuana licenses are still shut out of the adult-use market.

To date, only 10 adult-use marijuana retail stores have opened statewide, according to a May 11 state Cannabis Control Board presentation.

Six of these stores are in New York City, where as many as 1,400 illicit cannabis retailers may be in business, according to city officials.

ADVERTISEMENT

But despite the limited retail capacity

The post Adult-use cannabis sales in New York surpass $16.5 million appeared first on GrowCola.com.

Regulated adult-use marijuana sales in New York state have surpassed $16.5 million since the first dispensary opened in December, state… Continue reading
The post Adult-use cannabis sales in New York surpass $16.5 million appeared first on GrowCola.com.