What to Know
- New York will expand its legal cannabis market by the hundreds, while also assuring the public that it is aggressively cracking down on illegal sales of marijuana across the state -- seizing $42 million worth of illicit product.
- Gov. Kathy Hochul announced that hundreds of licenses are being made available for individuals and businesses interested in legally growing and selling cannabis. Applications will be open for two months starting Wednesday.
- Hochul also said the results of the aggressive enforcement against the illegal sales of cannabis state-wide resulted in more than 8,500 pounds of marijuana being seized with a street value of more than $42 million after 246 inspections.
New York will expand its legal cannabis market by the hundreds, while also assuring the public that it is aggressively cracking down on illegal sales of marijuana across the state -- seizing $42 million worth of illicit product.
Gov. Kathy Hochul announced that hundreds of licenses are being made available for individuals and businesses interested in legally growing and selling cannabis. Applications will be open for two months starting Wednesday.
Hochul also said the results of the aggressive enforcement against the illegal sales of cannabis state-wide resulted in more than 8,500 pounds of marijuana being seized with a street value of more than $42 million after 246 inspections.
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Additionally, in an effort to prevent storefronts from illegally selling marijuana, the state is joining forces with local municipalities to obtain padlock orders against these businesses. New York is also joining forces with multiple agencies in an initiative that will target operators of businesses illegally selling marijuana for labor violations, prompting an increase in the fines and penalties that these businesses may face. Currently, fines for the illegal sale of cannabis start at $10,000 per day and can go up to as much as $20,000 per day.
Hochul also announced the results of concentrated enforcement in Manhattan's West Side and in Downtown Brooklyn, two areas of New York City with an apparent high number of illegal cannabis shops. In just two days, enforcement efforts resulted in the seizure of nearly 150 pounds of product worth close to $600,000.
"We know there's room for improvement as New York works to launch a brand-new cannabis industry and crack down on illicit operators, and I'm committed to working with all stakeholders to get the job done right," Hochul said in a statement. "My Administration is laser-focused on shutting down illegal storefronts, protecting the health and safety of children, and helping small businesses thrive. We will continue working to build the most equitable adult-use cannabis industry in the nation that invests in communities and rights the wrongs of the past."
News
According to the state, New York is slated to have the largest legal cannabis sale market in the world, which will generate hundreds of millions in revenue annually as well as create jobs, while prioritizing equity, small business growth, and maintaining consumer safety through product quality.
Executive Director of New York State Office of Cannabis Management Chris Alexander called expanding the number of licenses "a significant moment."
“This is a significant moment for entrepreneurs who have been waiting for an opportunity to join this consequential market," Alexander said in a statement. "We’re building the biggest and fairest cannabis market in the world, and the opening of a new application window means an expansion of opportunity. New York’s market is centered around equity, with the nation’s strongest anti-trust protections in place that ensures small operators will forever have a place in our cannabis industry. I appreciate Governor Kathy Hochul’s fierce commitment to anti-trust regulations in cannabis, and I’m eager to see what this new crop of entrepreneurs can do to transform cannabis in and out of New York.”
