www.cnbc.com Open in urlscan Pro
23.39.174.141  Public Scan

Form analysis
0 forms found in the DOM

Text Content

Business News and Finance
VIEW IN APP
MarketsBusinessInvestingTechPoliticsSelectMake It

Close the sidebar

WATCH LIVE
Markets


HOW THE NEW YORK CITY METRO AREA'S SLOW LEGAL WEED ROLLOUT CREATED A BOOM IN
'GRAY' MARKET CANNABIS SHOPS

Published Mon, May 15 2023 8:28 AM EDT
Christian Nunley
@cnunley7
WATCH LIVE


The push for legal, recreational marijuana is sweeping across America. Delaware
just became the 22nd state to legalize recreational cannabis — and four more
states could join the party in the coming years.

In the densely populated Tri-State area of New York, New Jersey and Connecticut,
the rollout of legal weed has been called slow and cumbersome, allowing for the
proliferation of "gray" market storefronts and businesses to sell marijuana
without going through the regulatory process. In New York City, for example, the
mayor's office estimates the city is home to 1,400 illicit businesses selling
marijuana without a license.



"Those legitimate businesses face stiff competition from shops that are not
following the rules," said Manhattan District Attorney Alvin Bragg during a Feb.
7 news conference. "It is time for the operation of unlicensed cannabis
dispensaries to end."

At the same time, state officials are trying to right the historical wrongs
brought about by the decades-long "War on Drugs." New York, Connecticut and New
Jersey all have social equity components in their recreational marijuana
programs, focusing on granting licenses to applicants with previous
marijuana-related criminal convictions.

"Every cannabis company should be focusing on hiring people who have had
previous cannabis charges and people who have come from communities that have
been impacted by the war on cannabis," said social equity applicant Tahir
Johnson, who's about to open Simply Pure Trenton, in New Jersey's capital city.

The recreational marijuana market is a high-stakes affair. The national cannabis
market is estimated to reach $71 billion in sales by 2030, according to data
from research firm New Frontier. And the New York state market alone could make
up 10% of that, the data forecasts.

Watch the video above to find out how the legal cannabis rollout is going in the
most populous metropolitan area in the United States, how the push for legal
weed is attracting a new class of entrepreneurs and how anti-marijuana activists
are trying to slow the fast pace of legal cannabis adoption.









Watch our live stream for all you need to know to invest smarter.
Trending Now
 * 1
   Paul Tudor Jones says the Fed is done raising rates, stocks to finish the
   year higher from here
 * 2
   She pays $0 to live in a 'luxury tiny home'—how she built it for $35K: 'I
   forget I'm living in a shed'
 * 3
   Stocks making the biggest premarket moves: Shake Shack, Charles Schwab, H&R
   Block, DuPont and more
 * 4
   A psychology expert shares 7 toxic phrases ‘highly insecure’ people use—and
   how to deal with them
 * 5
   Dow futures rise on debt ceiling deal hope

View the full site


A circle with an upward arrow icon.Back to Top

© 2023 CNBC LLC. All Rights Reserved. A Division of NBCUniversal

Data is a real time snapshot *Data is delayed at least 15 minutes. Global
Business and Financial News, Stocks, Quotes, and Market Data, and Analysis.

Privacy Policy Do Not Sell My Personal Information CA Notice Terms of Service

Data also provided by