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New York authorities recently published a comprehensive report on the progress of the state’s cannabis legalization law, which was signed by former Governor Andrew Cuomo in 2021. The state’s cannabis management office (OCM) shared the document, outlining the advancements made toward achieving the law’s primary goals.
The outlined advancements include fostering equity and creating opportunities for groups that have been disproportionately impacted by marijuana prohibition, building a strong and thriving industry, and preserving the environment, among others.
Tremaine Wright, head of the state marijuana control board, stated, “This report demonstrates our dedication to transparency and equity. I’m proud of how far we’ve come in the last three years to create a strong foundation for New York’s marijuana industry. Our objective has always been establishing a just and equitable industry that addresses historical wrongs and forges ahead with new prospects.”
According to the report, the state has licensed 200 cannabis retail dispensaries, with more than 1,300 recreational cannabis business licenses issued in total. The report also noted that54.7% of the licenses have gone to applicants from economic and social equity backgrounds. Additionally, most cannabis users are now purchasing from legal sources. According to the report, 67% of consumers who used marijuana in the past year said they bought their products from licensed dispensaries.
Another significant result of the law is the expungement of marijuana-related criminal records. More than 200,000 convictions have already been sealed, while an additional 107,000 are awaiting the same process. Furthermore, the report confirms that no one in the state is currently incarcerated for marijuana-related offenses alone.
In terms of consumer habits, the report noted that as of 2022, 14.9% of New Yorkers 18 years of age and older used marijuana monthly, with 7% reporting daily use. In addition, 52% said they used cannabis for recreational purposes, while 13.5% were medical users. Meanwhile, 34.5% reported using cannabis for both medical and recreational purposes.
The enforcement section of the report emphasizes that enforcing cannabis laws is crucial to maintaining a level playing field for legal operators. The report highlights that enforcement protects the investments of legal entrepreneurs while holding those selling illegal and unsafe products accountable.
The report acknowledges the struggles faced during the market’s initial phase, such as delays in rolling out the market, leadership disputes and issues surrounding the cannabis social-equity fund. It states that there is still much to do, including refining data collection, improving customer service, educating consumers and tackling the illegal marijuana market. Nonetheless, the officials are upbeat about the potential success of the sector.
The progress that is being made in rolling out the adult-use marijuana program in New York State is being watched positively by the entire industry, including entities such as Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) that would like to see all adults who use marijuana obtaining it from a licensed source.
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