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Metro

exclusive


NY LOSING MILLIONS IN TAXES FROM LACKLUSTER LEGAL MARIJUANA SALES — TOO FEW
DISPENSARIES: REPORT

By Zach Williams

June 20, 2023 | 6:00am

New York isn’t high on the list of states making money when it comes to
harvesting revenues from legal weed sales.


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 * WEED THEM OUT! HOCHUL LAUNCHES RAIDS OF MANHATTAN’S ILLEGAL POT SHOPS

The Empire State is not even on track to make a predicted $56 million in its
first year of legal weed sales – and that’s just a fraction of what other states
made after legalization, according to a new report backed by New York medical
marijuana operators.

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“The current state of the cannabis market in New York is an unmitigated
disaster,” said Rev. Kirsten Foy from the Coalition for Access to Regulated &
Safe Cannabis.

The report highlights criticism from the medicinal marijuana industry that state
cannabis laws are too restrictive for legal weed vendors while allowing an
illegal market to flourish.

New York legalized recreational marijuana in the 2021 Marijuana Regulation &
Taxation Act, which prioritized retail licenses for people who were previously
hurt by prohibition such as those previously incarcerated for marijuana-related
offenses.

Gov. Kathy Hochul earlier this year projected $1.25 billion in revenues from a
legal weed market over the next six years.SARAH YENESEL/EPA-EFE/Shutterstock

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“Despite its enormous potential, regulators have neglected their
responsibilities and their failure to act puts consumers at risk, restricts
equity participation and the MRTA’s intended beneficiaries –disproportionately
impacted communities – are missing out on millions of dollars of critical tax
revenue while putting consumers at risk,” Foy said.

Gov. Kathy Hochul earlier this year projected $1.25 billion in revenues from a
legal weed market over the next six years with $56 million in revenues from the
first year – $40 million of which would come from licensing fees rather than
sales taxes.

But that $56 million goal might not get met considering just 15 dispensaries are
up and running statewide after legal sales began in December 2022 while hundreds
of illegal storefronts continue to flourish in New York City.

Chris Alexander, executive director of OCM, told WNYC last week that the agency
is open to other changes to improve the nascent legal market.Getty Images

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And in any case, the report notes New York remains far behind eight other,
mostly smaller, states when it comes to first-year revenues:

 * California raised $397 million in its first year.
 * Illinois – $216 million
 * Washington – $159 million
 * Arizona – $153 million
 * Nevada – $120 million
 * Michigan – $82 million
 * Oregon – $68 million
 * Massachusetts – $62 million

New York will likely land just ahead of cowboy states like Colorado and Montana,
which respectively raised $46 million and $42 million in their first years
despite, having much smaller populations.

A spokesman for the state Office of Cannabis Management could not be reached for
comment on Monday about the report.

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The state agency and the Hochul administration have made several moves in recent
months to address outstanding criticism.

New York is making as much money from legal weed in its first year as Montana –
a rural state hardly known for its ganja culture. Getty Images

Recent raids on illegal dispensaries came after the governor successfully
secured changes in the state budget that empowered OCM and the state Department
of Taxation and Finance to fine sativa-selling scofflaws up to $20,000 per day.

A regulatory change will allow ten medical marijuana operators to begin sales to
the general public by the end of this year.

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OCM has also floated offbeat ideas like allowing weed sales at farmers’ markets.

New York has a goal of raising $56 million from the legal weed market in its
first year.REUTERS
What do you think? Post a comment.

Chris Alexander, executive director of OCM, told WNYC last week that the agency
is open to other changes to improve the nascent legal market.

“We know there are product issues in terms of making sure that the supply chain
is flowing, but also the biggest really key solution is just opening up more
dispensaries, which we remain diligently focused on and excited to see more of
those open in the coming months,” he said.


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