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Text Content

STRUGGLING NEW YORK CANNABIS FARMERS EXCLUDED FROM STATE BUDGET, RELIEF FUND IS
DISMISSED

by Nicolás Jose Rodriguez


April 22, 2024 7:16 PM | 2 min read | Make a Comment



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Efforts to secure financial relief for New York's 289 licensed cannabis farmers
have stalled, leaving them disheartened and facing significant financial losses
due to the 2024 state budget excluding the proposed Cannabis Farmer’s Relief
Fund, despite limited retail outlets exacerbating their situation.


LEGISLATIVE EFFORTS STALLED


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Despite the advocacy of Assemblywoman Donna Lupardo and Sen. Michelle Hinchey,
the 2024 state budget will not include the proposed Cannabis Farmer’s Relief
Fund.

This decision leaves many farmers grappling with significant financial losses, a
situation exacerbated by the limited number of retail outlets available for
selling their products in 2022 and 2023.

Lupardo and Hinchey, who have been at the forefront of pushing for the relief
package, expressed their disappointment over the inability to secure the
necessary funds.

Their proposed package, which sought to offer $128 million in aid through
grants, loans, and tax credits, garnered no support during budget discussions.

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MARKET MISFORTUNES



The backdrop of this struggle is a market flooded with unsold cannabis, stemming
from an oversupply and insufficient retail avenues to distribute the product.
New York's legal cannabis sector, expected to be among the nation’s largest, has
instead been marked by frustration and financial hardship.

Farmers have cultivated vast quantities of cannabis, enough to supply 1,500
stores, yet face a reality of barely 50 legal dispensaries open for business.
This mismatch has left approximately 250,000 pounds of cannabis unsold,
representing a critical loss in revenue and potential tax income for the state.


SUBSTANTIAL REVENUE AND STRUGGLING FARMERS

The absence of financial relief in the state budget not only underscores the
ongoing challenges faced by New York’s cannabis industry but also raises
concerns about the future viability of these farming operations.

As the state anticipates substantial revenues from the cannabis sector, the
reality on the ground for farmers paints a grim picture of struggling to manage
unsold stock while seeking support.

Photo: AI-Generated Image. 

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27% PROFIT EVERY 20 DAYS?

This is what Nic Chahine averages with his option buys. Not selling covered
calls or spreads… BUYING options. Most traders don’t even have a winning
percentage of 27% buying options. He has an 83% win rate. Here’s how he does it.

--------------------------------------------------------------------------------

Posted In: CannabisNewsRegulationsSmall BusinessMarketsAssemblywoman Donna
LupardoNew York CannabisNew York cannabis farmersSen. Michelle Hinchey

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights
reserved.




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