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Text Content

SCATHING INTERNAL REPORT EXPOSES NEW YORK'S CANNABIS AGENCY AS INEXPERIENCED,
IRRESPONSIBLE, INEFFECTIVE: HEADS ARE ROLLING

by Maureen Meehan


May 10, 2024 6:44 PM | 2 min read



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An internal review released Friday revealed significant challenges, to put it
nicely, plaguing New York’s legal cannabis market.

The issues are primarily attributed to inexperienced leadership within the
state’s Office of Cannabis Management (OCM). The report was blunt, calling the
OCM a “mission-driven” startup rather than a competent government office.

Governor Kathy Hochul then proceeded to fire Chris Alexander, the head of the
OCM.

The report noted that the OCM was staffed with inexperienced leadership, lacked
a transparent process for licensing new dispensaries and had virtually no
customer service for licensees.

"The majority of OCM's most senior leadership has relatively limited experience
in leading regulatory entities, and the agency has experienced significant
turnover in executive roles," the report reads.

"It has struggled to make the transition to a mature regulatory agency," noted
the report, which was produced by Office of General Services Commissioner
Jeanette Moy and obtained by the NY Post before being released publicly Friday.

See Also: It’s A Green Day In New York – 137 Cannabis Licenses Granted, New
Jersey Still In The Lead

The report highlighted "implementation challenges" that "resulted in confusion,
difficulties, and delays for well-intentioned line staff as well as applicants,"
referring to the complicated hoops potential licensees have had to jump through.

Other key problems within the OCM included erratic changes in licensing
regulations, a lack of transparency and ineffective enforcement measures. These
issues have not only hindered the legal cannabis market but have also fostered
the proliferation of unlicensed cannabis shops across New York state. The Big
Apple alone has more than 2,000 illicit shops according the local authorities.

Hochul, recognizing the severity of the situation, ordered a comprehensive
review in March to address the bureaucratic hurdles and legal setbacks faced by
the OCM.

At the time, she called the program a “disaster.”

Despite initial intentions to prioritize social equity by allocating licenses to
nonprofits and individuals with prior convictions or those who suffered from the
War on Drugs, the process was marred by lawsuits, delays and regulatory
inconsistencies.

The OCM's chief equity officer Damian Fagon also happens to be on administrative
leave pending an ongoing internal investigation that he retaliated against
a Hudson Valley cannabis processor who was critical of OCM.

At this point, with only a limited number of legal cannabis dispensaries
operating since late 2022, the illegal market has thrived. Unlicensed retailers
who seem to operate with impunity are undermining the legal framework – a
situation the OCM seemed incapable of controlling.

The report outlined various policy solutions to address the agency’s challenges,
including the recruitment of experienced staff, streamlining licensing
processes, and engaging in public outreach efforts to identify and rectify
issues.

Photo courtesy of OCM

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

27% PROFITS EVERY 20 DAYS?

This is what Nic Chahine averages with his options 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.

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


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Posted In: CannabisGovernmentNewsRegulationsPoliticsTop StoriesChris
AlexanderGov. Kathy HochulInternal reportNew York CannabisOffice of Cannabis
ManagementStories That Matter

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




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