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In an unprecedented move, New York made history by making marijuana legally available for purchase at a special farmers’ market for adults only in Ulster County. The main goal of this creative move was to address the oversupply situation that many marijuana growers are currently in.
While stringent security measures ensured that only those with verified IDs could enter the farmer-market space, the scene within the event resembled that of a conventional farmers’ market, complete with sprawling tents, neatly arranged tables, inquisitive consumers and well-informed farmers.
The event, held in New Paltz, was New York’s first attempt at staging a pop-up market solely for cannabis. Despite the continuous rain, eager consumers formed queues as four cannabis farms prepared to engrave their names in history.
According to the stipulations set by the state, licensed dispensaries were mandated to oversee the sales process at such pop-up events. The Marijuana Growers Showcase took place just outside the former New Paltz courthouse, which has seen countless people sentenced for petty marijuana possession violations in the past.
The intention behind these pop-up ventures is to extend a helping hand to New York’s farmers, who now find themselves grappling with an abundance of harvested cannabis. CBS New York’s visit to Hepworth Farms in June showcased the predicament faced by more than a hundred cannabis farms that are burdened with copious unsold inventory due to the sluggish establishment of retail outlets under the intricate state licensing framework.
Rick Weissman from High Falls Canna noted, “Despite the state’s well-meaning intentions, the issuance of licensed dispensaries has been painfully slow. We have 290 cultivators but only 21 dispensaries.”
Last year’s cultivation efforts were undertaken with the understanding that there would be around 70 open dispensaries by this point, illustrating the discrepancy between projections and reality.
“This scenario has a dual perspective,” mused Jens Verhaegh of Supernaturals NY. “Not only has the state recognized the substantial revenue potential that it missed out on due to the gradual rollout, but it also underscores the significance of expediting the process.”
With an established tax rate of 13%, New York projects a revenue inflow exceeding $1 billion from legal cannabis sales by 2028. Anticipated in the upcoming months is the emergence of cannabis markets across various locations in New York. The pop-up market is set to operate every week until Dec. 30, 2023, marking a unique and evolving chapter in the state’s history.
If the pop-markets serve their stop-gap role of helping growers sell the bulk of their stockpiled marijuana, other cultivation companies may also enjoy the impetus they need to get modern cultivation equipment from various manufacturers such as Advanced Container Technologies Inc. (OTC: ACTX) to scale up their operations as more retailers are licensed by the state.
NOTE TO INVESTORS: The latest news and updates relating to Advanced Container Technologies Inc. (OTC: ACTX) are available in the company’s newsroom at https://cnw.fm/ACTX
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