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Metro


NY POT REGULATORS BOAST $150M IN LEGAL CANNABIS SALES AS ILLEGAL MARIJUANA
STORES ROB STATE OF MILLIONS IN TAXES

By Aneeta Bhole

Published Dec. 29, 2023, 4:38 p.m. ET

New York pot regulators bragged Friday about the financial success of the legal
cannabis industry in 2023 — but made little mention of the millions in taxes
being lost to the illegal marijuana stores spreading across the landscape like
weeds.

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The Office of Cannabis Management’s year end statement was filled with
superlatives describing a blooming industry that brought in some $16.5 million
in tax revenue on the sales of some 3.5 million pot products sold.

“2023 was a year of growth for New York cannabis and we know 2024 will be even
more significant,” said John Kagia, the office’s Director of Policy, which said
there was some $150 million in total legal sales this year.

The office, however, couldn’t put a price tag on how much was being sold at the
estimated 1,500 illegal vendors operating on nearly every commercial block in
the city and elsewhere in the state — which officials have complained have been
stealing business from the measly 40 officially licensed shop currently approved
in New York state.

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The statement did say that they were cracking down on the illegal shops, and
that more than 11,600 pounds of illicit products, with an estimated street value
of more than $56 million, has been seized.

3
New York pot regulators bragged Friday about the financial success of the legal
cannabis industry in 2023 — but made little mention of the millions in taxes
being lost to illegal marijuana stores. Helayne Seidman

But when asked for details about the total size of the illegal industry,
operating in plain sight, the state could provide no data.

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Vendors setting up unlicensed shops mostly do business in cash and don’t pay
cannabis taxes that licensed marijuana dispensary stores are required to do.


MORE ON: CANNABIS


 * NUNS FAIL TO BLOCK NEW ATLANTIC CITY POT DISPENSARY JUST FEET FROM CONVENT


 * WEED WACKERS! NY PADLOCKS ILLEGAL BROOKLYN POT SHOP


 * NY SEIZES 11,000 POUNDS OF POT WORTH OVER $54M FROM ILLEGAL STOREFRONTS


 * LANDLORDS WARNED NYC CAN FINE THEM — OR CLOSE THEIR SHOPS — IF THEY DON'T
   SNUFF OUT ILLEGAL POT SHOPS

A spokesperson for the cannabis office said they “do not have firm or reliable
estimates on total number of unlicensed shops.”

3
The Office of Cannabis Management’s year end statement was filled with
superlatives describing a blooming industry that brought in some $16.5 million
in tax revenue on the sales of some 3.5 million pot products sold. Getty Images

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The state said that close to 7,000 licenses were applied for processors,
cultivation, distribution, microbusiness and retail dispensary this year and
Kagia noted demand was high and is expected to grow.

“And now, with the Office poised to issue hundreds more adult use retail
licenses, there’s tremendous excitement as consumers across the state are poised
to gain access to this exciting market,” he said.

Just in New York over 500 strains have been made available to the exploding
market with names such as Gas Face, Blueberry Muffin, and Sour Diesel.

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3
“2023 was a year of growth for New York cannabis and we know 2024 will be even
more significant,” said John Kagia, the office’s Director of Policy, which said
there was some $150 million in total legal sales this year. Matthew McDermott
What do you think? Post a comment.

“There are also products available across the price spectrum, from low-cost
value brands to ultra-premium product,” Kagia added.

“Furthermore, it’s not just flower products that are selling. Non-flower
products, from infused gummies and innovative beverages like cannabis infused
apple cider, to strain-specific vaporizers and high potency tinctures, ensure
that there is something for everyone in this market.”


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Filed under cannabis ,  marijuana ,  marijuana legalization ,  new york ,  new
york city ,  12/29/23
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