ERVA NEWS – Know more, Feel better
  • Business & Industry
    • Market Analysis & Trends
    • Investment opportunities
    • Company Profiles & Statistics
    • Mergers & Acquisitions
    • Marketing Strategies & Supply Chain Insights
  • Health & Wellness
    • Medical Research & CBD Benefits
    • Treatment Options & Dosage Guidelines
    • Mental Health Applications & Patient Testimonials
    • Wellness Routines, Athletic Recovery & Sleep Improvement
  • Science & Technology
    • Cannabinoid & Terpene Research
    • Cultivation Techniques & Genetic Studies
    • Extraction Methods & Bioavailability
    • Lab Testing & Cultivation Science
  • Legal & Policy
    • State, Federal & International Laws
    • Regulatory Changes & Compliance Guides
    • Licensing, Banking Regulations & Taxation
    • Social Equity, Local Ordinances & Import/Export Rules
  • Lifestyle & Culture
    • Consumption Guides & Product Reviews
    • Recipes & Storage Tips
    • Event Coverage & Travel Guides
    • Celebrity News, Community Stories, Art & Music
  • Shop

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

What's Hot

Florida Billionaire Donates $20M to Candidates that Oppose Cannabis Legalization Effort

December 8, 2024

New York Officials Release Multi-Year Cannabis Industry Report

December 8, 2024

Vice Presidential Nominee Tim Walz Has A Rating from NORML for Cannabis Policy

December 7, 2024
Facebook Twitter
Facebook Twitter
ERVA NEWS – Know more, Feel better
Sunday, May 25
  • Business & Industry
    • Market Analysis & Trends
    • Investment opportunities
    • Company Profiles & Statistics
    • Mergers & Acquisitions
    • Marketing Strategies & Supply Chain Insights
  • Health & Wellness
    • Medical Research & CBD Benefits
    • Treatment Options & Dosage Guidelines
    • Mental Health Applications & Patient Testimonials
    • Wellness Routines, Athletic Recovery & Sleep Improvement
  • Science & Technology
    • Cannabinoid & Terpene Research
    • Cultivation Techniques & Genetic Studies
    • Extraction Methods & Bioavailability
    • Lab Testing & Cultivation Science
  • Legal & Policy
    • State, Federal & International Laws
    • Regulatory Changes & Compliance Guides
    • Licensing, Banking Regulations & Taxation
    • Social Equity, Local Ordinances & Import/Export Rules
  • Lifestyle & Culture
    • Consumption Guides & Product Reviews
    • Recipes & Storage Tips
    • Event Coverage & Travel Guides
    • Celebrity News, Community Stories, Art & Music
  • Shop
ERVA NEWS – Know more, Feel better
Home»Business & Industry»New York Officials Release Multi-Year Cannabis Industry Report
Business & Industry

New York Officials Release Multi-Year Cannabis Industry Report

December 8, 2024No Comments2 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr WhatsApp VKontakte Email
New York Officials Release Multi-Year Cannabis Industry Report
Share
Facebook Twitter LinkedIn Pinterest Email

A three-year implementation report by the New York Office of Cannabis Management (OCM) and Cannabis Control Board (CCB) documenting the state’s adult-use cannabis reforms process was released on Thursday, highlighting industry trends, the successes and shortcomings of the state’s equity program, and more.

According to the report, 1,342 adult-use cannabis licenses have been issued, including more than 200 retailers, and 67% of New York-based cannabis consumers reported having purchased from a legal source. Additionally, the state-wide adult-use market generated $653.9 million in revenue in 2023.

The report also noted that 54.7% of the adult-use licenses have been awarded to applicants eligible for the state’s social equity program, surpassing the goal of 50% set by the state. However, only about 20 operators so far have utilized the Cannabis Social Equity Investment Fund.

New York’s legalization law includes expungement provisions covering more than 400,000 cannabis-related crimes, the report said, and more than 200,000 convictions have already been sealed, with another 107,000 awaiting sealing.

Tremaine Wright, Chair of the Cannabis Control Board, said in an introduction to the report that despite some “growing pains” for the industry — Gov. Kathy Hochul (D) earlier this year called the state’s adult-use roll-out a “disaster,” for example — the regulatory agencies “acknowledge the opportunities to build upon what we’ve started and look forward to continuous improvement and adaptation to meet the rapidly evolving needs of our cannabis community and industry.”

“I am proud to report that we continue to surpass our statutory goals in building a richly diverse and vibrant market. OCM has worked closely with us to design a dynamic and responsive licensing and compliance framework – true cornerstones of the market – which we continue to improve upon each and every day” — Wright, excerpt from the report

The report also noted that regulators have carried out 1,341 inspections on adult-use cannabis operators, leading to 1,135 violation notices. The report said that law enforcement has seized over 27,318 lbs. of unlicensed cannabis products since the industry’s launch, nearly $120 million worth.

Get daily cannabis business news updates. Subscribe

Ganjapreneur is made possible by our partners:


Source link

cannabis industry MultiYear Officials Release Report York
Share. Facebook Twitter Pinterest LinkedIn Tumblr WhatsApp Email
Previous ArticleVice Presidential Nominee Tim Walz Has A Rating from NORML for Cannabis Policy
Next Article Florida Billionaire Donates $20M to Candidates that Oppose Cannabis Legalization Effort

Related Posts

Florida Billionaire Donates $20M to Candidates that Oppose Cannabis Legalization Effort

December 8, 2024

Vice Presidential Nominee Tim Walz Has A Rating from NORML for Cannabis Policy

December 7, 2024

Delaware Receives 1,260 Adult-Use Cannabis Applications

December 7, 2024

CDC Data Shows Cannabis Use by U.S. High Schoolers Down Significantly in Last Decade

December 7, 2024

Comments are closed.

Our Picks

Florida Billionaire Donates $20M to Candidates that Oppose Cannabis Legalization Effort

December 8, 2024

New York Officials Release Multi-Year Cannabis Industry Report

December 8, 2024

Vice Presidential Nominee Tim Walz Has A Rating from NORML for Cannabis Policy

December 7, 2024

Delaware Receives 1,260 Adult-Use Cannabis Applications

December 7, 2024
  • Facebook
  • Twitter
  • Pinterest
  • Instagram
  • YouTube
  • Vimeo
Don't Miss
Legal & Policy

Florida Billionaire Donates $20M to Candidates that Oppose Cannabis Legalization Effort

December 8, 20240

In an August 2 op-ed, Ken Griffin, the billionaire investor and CEO of Florida-based Citadel…

New York Officials Release Multi-Year Cannabis Industry Report

December 8, 2024

Vice Presidential Nominee Tim Walz Has A Rating from NORML for Cannabis Policy

December 7, 2024

Delaware Receives 1,260 Adult-Use Cannabis Applications

December 7, 2024
logo

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.

Social mendia

Facebook-f Twitter

Categories

  • Business & Industry
  • Health & Wellness
  • Science & Technology
  • Legal & Policy
  • Lifestyle & Culture
  • Business & Industry
  • Health & Wellness
  • Science & Technology
  • Legal & Policy
  • Lifestyle & Culture

Our Picks

Florida Billionaire Donates $20M to Candidates that Oppose Cannabis Legalization Effort

December 8, 2024

New York Officials Release Multi-Year Cannabis Industry Report

December 8, 2024

Vice Presidential Nominee Tim Walz Has A Rating from NORML for Cannabis Policy

December 7, 2024
© 2024 ervanews.com. All rights reserved.