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New York cannabis farmers may have to throw away 250,000 pounds of product due to retail-store bottleneck
Marketwatch ^ | 5 February 2024 | Steve Gelsi

Posted on 02/05/2024 1:19:01 PM PST by NautiNurse

State’s licensing process has created too much product and not enough places to sell it, a consultant and retail-store applicant say

New York state has only opened about 50 legal stores, yet state-legal cannabis farmers grew enough product this past summer and fall to supply up to 1,500 stores, a consultant who works in the industry said.

[Snip]

Meanwhile, the illicit market continues to thrive, with thousands of unlicensed shops.

While the state has issued 460 retail licenses to nonprofits and people displaced by the war on drugs under its CAURD program, it’s been difficult for most licensees to find real estate and come up with the capital to open stores.

[Snip]

Jake Reinus, the chief executive and general counsel of the Highline Cannabis, said about 700 of the 1,500 applicants had potential real-estate locations lined up, but the state had not provided many of them with licenses.

Instead of awarding 700 or more licenses to the current crop of applicants, the state has said it plans to award 250, a number Reinus and others say is too low considering the current oversupply situation.

[Snip]

“Unwilling landlords” and “unwilling and unqualified real-estate brokers” are to blame, while some landlords simply cannot lease to these businesses because they have federally backed mortgages on their properties, Reinus said. Cannabis remains illegal at the federal level.

Overall, New York’s licensed cannabis market generated only $150 million in sales in its first year of operation in 2023 — less than the $274 million generated by the much smaller state of Connecticut, which also kicked off adult-use sales about a year ago.

(Excerpt) Read more at marketwatch.com ...


TOPICS: Business/Economy; Government; US: New York
KEYWORDS: cannabis; marijuana; market; newyork; ny; pot; wod
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To: NautiNurse

Yes cartels own that business states don’t have a chance California has so many illegal farms they can’t find them all.


41 posted on 02/05/2024 1:55:45 PM PST by Vaduz
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To: NautiNurse

I predict the surplus is soon to be lost in a boating accident.


42 posted on 02/05/2024 1:55:53 PM PST by Go_Raiders (An nescis, mi fili, quantilla prudentia mundus regatur? - Axel Oxenstierna)
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To: NautiNurse

Send it all to the Capitol...they seem to be smoking lots these days.


43 posted on 02/05/2024 1:56:58 PM PST by frogjerk (More people have died trusting the government than not trusting the government.)
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To: Red Badger; Pelham; Mr. Mojo

It’s inaccurate

I know growers in Michigan and colorado and Oklahoma delivering to Manhattan allowed but technically unlicensed pot stores every two weeks 50 pounds

2000-2400 a pound cash

Over twice what they fetch point of origin

It takes a lot of weed to satisfy the metro NYC market

I think 50 million people within 100 miles radius

Likely 20% smoke weekly

You can do the math

Ten years ago this weed sold for 3-4000 wholesale

These growers are happy to get 2000 or so now

Mostly indoor super high grade

Or meticulous grown and processed greenhouse herb

Real money

I’ve heard of decent weed in Poregon going as low as 350-400 each

Not worthy of growing indoor for that

Nobody knows where pot economy will land honestly

I’ve been aware of it since 71

This is the end

Lol


44 posted on 02/05/2024 1:58:24 PM PST by wardaddy (I have seen true anti semitism is more common in USA than I imagined. A disease in the public mind)
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To: HIDEK6

“Only the government can lose money in the pot business.”

Years ago The Mustang Ranch in Nevada was taken over by the IRS for back taxes. Of course they ran it into bankruptcy. A Senator remarked at the time something along the lines of “Only the government could lose money selling beer and *****. “

L


45 posted on 02/05/2024 1:58:25 PM PST by Lurker ( Peaceful coexistence with the Left is not possible. Stop pretending that it is.)
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To: NautiNurse

Pass the law, refuse to permit. Bootleg sales thrive.

________________________________________

And taxes also. Why pay excessive state taxes when you can get it cheaper on the street?


46 posted on 02/05/2024 2:02:06 PM PST by Responsibility2nd (A truth that’s told with bad intent, Beats all the lies you can invent ~ Wm. Blake)
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To: NautiNurse

Fascinating story. Never would have guessed this would happen in NY.

____________________________________________________

I’m thinking it’s happened in California.


47 posted on 02/05/2024 2:03:01 PM PST by Responsibility2nd (A truth that’s told with bad intent, Beats all the lies you can invent ~ Wm. Blake)
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To: frogjerk
Send it all to the Capitol...they seem to be smoking lots these days.

They surely act dopey.

48 posted on 02/05/2024 2:03:31 PM PST by NautiNurse (🇺🇸 Bidenomics: "Over a billion three hundred million trillion three hundred million dollars!")
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To: NautiNurse

Smuggle it into Mexico.


49 posted on 02/05/2024 2:05:51 PM PST by TangoLimaSierra (⭐⭐To the Left, The Truth is Right Wing Violence⭐⭐)
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To: Bullish

Even Tommy’s not stupid enough to still be smoking pot at his age, I hope.

___________________________________________________

Willie Nelson is 90 years old. Still smokin’ and a tokin’.


50 posted on 02/05/2024 2:06:28 PM PST by Responsibility2nd (A truth that’s told with bad intent, Beats all the lies you can invent ~ Wm. Blake)
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To: Lurker

I’m guessing it’s not like it disintegrates on the shelf but that the THC in it loses IT’S potency?


51 posted on 02/05/2024 2:10:11 PM PST by desertsolitaire
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To: Responsibility2nd

It’s a good thing God blessed him with a great voice or he’d be a walmart greeter at best.


52 posted on 02/05/2024 2:10:25 PM PST by bankwalker (Repeal the 19th ...)
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To: NautiNurse

There is nothing the government touches that either cost too much or fails completely.

This reminds of the story of the IRS taking over a legal brothel in Nevada and it ended up going bankrupt (may not be true but it is a good story).


53 posted on 02/05/2024 2:10:28 PM PST by CIB-173RDABN (I am not an expert in anything, and my opinion is just that, an opinion. I may be wrong.)
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To: CIB-173RDABN

Mustang Ranch


54 posted on 02/05/2024 2:12:11 PM PST by NautiNurse (🇺🇸 Bidenomics: "Over a billion three hundred million trillion three hundred million dollars!")
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To: NautiNurse

We always just split it up into baggies and stashed it in the back of the closet.


55 posted on 02/05/2024 2:14:05 PM PST by exnavy
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To: NautiNurse
Josephus: "Not to worry, not to worry... we are now armed with *mighty joint!*"

Captain Mucus: "You men go northwest! You men go southwest! I'm gonna walk around right here in a circle."

56 posted on 02/05/2024 2:14:22 PM PST by mykroar ("It's Not the Nature of the Evidence; It's the Seriousness of the Charge." - El Rushbo)
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To: exnavy

250,000 lbs of weed will require a very large closet.


57 posted on 02/05/2024 2:21:42 PM PST by NautiNurse (🇺🇸 Bidenomics: "Over a billion three hundred million trillion three hundred million dollars!")
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To: desertsolitaire

Not that I’m aware of.

I’m no expert in the field tho.

L


58 posted on 02/05/2024 2:33:35 PM PST by Lurker ( Peaceful coexistence with the Left is not possible. Stop pretending that it is.)
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To: desertsolitaire

If not stored properly, it can get mildew/mold.


59 posted on 02/05/2024 2:35:17 PM PST by NautiNurse (🇺🇸 Bidenomics: "Over a billion three hundred million trillion three hundred million dollars!")
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To: NautiNurse

Much of the overlarge crop will find its way to the black market.


60 posted on 02/05/2024 2:48:44 PM PST by arthurus ( covfefe nyn)
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