Slow start to New York's legal pot market leaves farmers holding the bag

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New York's marijuana market doesn't have enough licensed retailers to sell the 300,000 pounds of cannabis grown by farmers in the state.

The labor leader and civil rights activist joins calls to remove the statue of the former mayor and governor, the chief champion of Proposition 187 targeting undocumented immigrants.struggling with difficult economic conditions. Marijuana growers in Western states have also complained that low prices, tough competition from the black market, high state taxes, and federal banking and exporting restrictions have made it tough for legal growers to make money.

Last fall, Gov. Kathy Hochul foresaw 20 new shops opening every month or so to start this year. Instead, one store was open by the start of the year, with 11 more opened since. Statewide, there is estimated to be hundreds of millions of dollars’ worth of unsold cannabis, about 80% in the form of cannabis oil, according to the Cannabis Assn. of New York, a trade group. There are concerns the smokable flower will eventually become too old to sell.

“What we really need to see is more retailers get open, and that’s going to actually give us the sustainable solution,” Carbone said.

 

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