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After troubled start, New York is shaking up its legal marijuana market with new competitors

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New York is dramatically expanding a legal marijuana market plagued by a sluggish rollout of retail stores

Alex Silecchia, left, a marijuana"budtender," also known as a sales associate, serves a customer at States Cannabis Company dispensary, Friday, Sept. 29, 2023, in New York. New York is set to dramatically expand its legal weed market and issue over 1,000 new licenses starting early next year, to include deep-pocketed marijuana companies. RAVENA, N.Y.

Marte's shop was among those temporarily blocked by a judge from opening after a group sued on behalf of disabled veterans, saying they were wrongly excluded from applying for a license. Marte, who has a past drug arrest, was paying rent on a store he could not open. “We expect New York to be the hub, or one of the hubs, for legal cannabis on the East Coast,” said Curaleaf CEO Matt Darin. “And so we’re very bullish and we’ve invested a lot of capital and time to be able to maximize the opportunity.”

Joseph Calderone of Grateful Valley Farm, near the Pennsylvania border, compared it to little hardware stores competing against big box stores. Large indoor facilities, he said, can produce multiple crops a year. Meanwhile, farms having trouble selling their crops are “teetering on the edge of failure,” he said.

 

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After troubled start, New York is shaking up its legal marijuana market with new competitorsNew York is dramatically expanding a legal marijuana market plagued by a sluggish rollout of retail stores.
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After troubled start, New York is shaking up its legal marijuana market with new competitorsNew York is dramatically expanding a legal marijuana market plagued by a sluggish rollout of retail stores. State regulators last Wednesday opened a 60-day window to accept general applications to grow, process, distribute and sell pot. They expect to issue more than 1,000 new licenses starting early next year, with a priority on retail.
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