New York Introduces Cannabis Farmers’ Markets to Address Legal Glut

New York regulators have announced that the state will allow cannabis growers’ markets this summer to help growers in the state dispose of their surplus cannabis products.

In an effort to address the state’s legal cannabis glut, theOffice of Cannabis Management (OCM) of New York announced last week that industry operators would be allowed to hold cannabis farmers’ markets this summer in order to sell more products, according to a report by NY Cannabis Insider.

The plan, announced by CMO Policy Director John Kagia during a meeting with the Cannabis Association of New York, provides for conditionally licensed state producers and retailers to team up to hold farmers’ markets. Ultimately, these local markets should allow growers to dispose of their surplus, as there are currently only 13 retail stores operating in the state, and inventory is vastly surplus to the millions of dollars in cannabis produced by growers in the state, according to NY Cannabis Insider.

“A minimum of three growers and a retailer can hold events where growers can sell flower and pre-rolls…and do it through a retailer, but in places that don’t have a storefront. street » has declared John Kagia.

Regulators have yet to finalize details of the farmers’ markets program and that process could take at least a month, the agency said.

The state’s adult-use cannabis industry has so far faced legal challenges and delays, prompting at least one out-of-state company to cancel plans to expand into the state. New York State. Separately, a recent report estimated that the slower-than-expected rollout of the adult cannabis industry could cost the state up to $2.6 billion in lost tax revenue over the next eight years.

As a result, many illegal operators still have a foothold in New York. Earlier this month, lawmakers earmarked $16 million of the state’s annual budget to crack down on unlicensed cannabis dispensaries.