New York’s pot regulator on Friday talked about the financial success of the legal marijuana industry in 2023 — but made little mention of the millions in lost taxes to illegal marijuana shops that are spreading across the landscape like weeds.
The Office of Marijuana Management’s year-end statements are filled with superlatives describing a booming industry that brings in about $16.5 million in tax revenue on sales of about 3.5 million pot products sold.
“2023 was New York’s marijuana growth year and we know 2024 will be even more important,” said John Kagia, the office’s Director of Policy, who said there were about $150 million in total legal sales this year.
The office, however, could not put a price tag on how much was sold to the estimated 1,500 illegal vendors operating in almost every commercial block in the city and elsewhere in the state – who officials have complained have been stealing business from the company. 40 officially licensed stores currently approved in New York state.
The statement did say that they were cracking down on the illegal shop, and that more than 11,600 pounds of illicit product, with an estimated street value of more than $56 million, had been seized.
New York’s pot regulator on Friday talked about the financial success of the legal marijuana industry in 2023 — but made little mention of the millions in lost taxes to illegal marijuana shops. Helayne Seidman
But when asked for details on the total size of the illegal industry, which is clearly operating, the state could not provide data.
Sellers who set up unlicensed shops mostly do business in cash and do not pay the cannabis tax that licensed cannabis dispensaries have to.
A spokeswoman for the cannabis office said they “do not have a solid or reliable estimate of the number of unlicensed shops.”
The Office of Marijuana Management’s year-end statements are filled with superlatives describing a booming industry that brings in about $16.5 million in tax revenue on sales of about 3.5 million pot products sold. Getty Images
The government said nearly 7,000 licenses had been applied for processors, cultivation, distribution, micro-businesses and retail dispensaries this year and Kagia said demand was high and expected to grow.
“And now, with the Office poised to issue hundreds more adult-use retail licenses, there is tremendous excitement as consumers across the state prepare to gain access to this exciting market,” he said.
In New York alone, over 500 strains have become available to the exploding market with names like Gas Face, Blueberry Muffin, and Sour Diesel.
“2023 was New York’s marijuana growth year and we know 2024 will be even more important,” said John Kagia, the office’s Director of Policy, who said there were about $150 million in total legal sales this year. Matthew McDermott
“There are also products available across the price spectrum, from low-value brands to ultra-premium products,” added Kagia.
“Furthermore, not only flower products are sold. Non-floral products, from infused gums and innovative drinks like cannabis-infused apple cider, to strain-specific vaporizers and high-potency tinctures, make sure there’s something for everyone in this market.”
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Source: thtrangdai.edu.vn/en/
