What you should know

New York will expand its legal cannabis market by hundreds, while assuring the public that it is cracking down on illegal marijuana sales across the state, seizing $42 million in illicit products. Governor Kathy Hochul announced that they will be made available hundreds of licenses for people and companies interested in growing and selling cannabis legally. Applications will be open for two months starting Wednesday. Hochul also said the results of aggressive law enforcement against illegal cannabis sales across the state resulted in the seizure of more than 8,500 pounds of marijuana worth on the street of more than $42 million after 246 inspections.

NEW YORK — New York will expand its legal cannabis market by hundreds, while assuring the public that it is cracking down on illegal marijuana sales across the state, seizing $42 million in illicit products.

Governor Kathy Hochul announced that hundreds of licenses will be made available to 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 aggressive enforcement against illegal cannabis sales across the state resulted in the seizure of more than 8,500 pounds of marijuana with a street value of more than $42 million after 246 inspections.

Additionally, in an effort to prevent stores from selling marijuana illegally, the state is joining forces with local municipalities to obtain lock orders against these businesses. New York is also joining forces with multiple agencies in an initiative that will target business operators that sell marijuana illegally for labor violations, resulting in an increase in fines and penalties these businesses may face. Currently, fines for illegal cannabis sales start at $10,000 per day and can go up to $20,000 per day.

Hochul also announced the results of concentrated enforcement in Manhattan’s West Side and downtown Brooklyn, two areas of New York City with an apparently high number of illegal cannabis shops. In just two days, law enforcement efforts resulted in the seizure of nearly 150 pounds of product worth nearly $600,000.

“We know there is room for improvement as New York works to launch a new cannabis industry and crack down on illicit operators, and I am committed to working with all stakeholders to get the job done right,” Hochul said in a statement. “My administration is focused on shutting down illegal stores, protecting the health and safety of children, and helping small businesses thrive. We will continue to work to build the most equitable adult-use cannabis industry in the country that invests in communities and rights. mistakes of the past.”

According to the state, New York is projected to have the largest legal cannabis sales market in the world, generating hundreds of millions of dollars in revenue annually and creating jobs, while prioritizing equity, small business growth and will maintain consumer safety through product quality.

New York State Office of Cannabis Management Executive Director Chris Alexander called the expansion of the number of licenses “a significant moment.”

“This is a significant moment for entrepreneurs who have been waiting for an opportunity to join this important market,” Alexander said in a statement. “We are building the largest, fairest cannabis market in the world, and the opening of a new application window means an expansion of opportunity. The New York market is focused on fairness, and has the strongest antitrust protections in the country ensuring that small operators will always have a place in our cannabis industry. I appreciate Governor Kathy Hochul’s strong commitment to cannabis antitrust regulations and am eager to see what this new generation of entrepreneurs can do to transform cannabis within and out of New York.”

2023-10-04 17:57:53
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