One week after the state first sold cannabis, the next steps to bring cannabis legal in New York are still up in the air.
last week, organizers Customers grumbled about the birth of the long-awaited adult use market in the state. Thousands waited in line to join in the historic leap forward, just in time for the new year. But Hempere State’s new billion-dollar baby is now facing major developmental pains by 2023.
Legislators have fulfilled most of the promises, incl Turning social justice into DNA From the state adult use program. But there is still a lot of work to be done if New York really wants to redefine how states approach legalization from a legislative and regulatory standpoint.
High prices, but plenty of alternatives
Shoppers lined up around the block to shop at Housing Works on day one, as well as during peak times throughout the week. But some customers are already complaining about the high prices.
The carts were running at astronomical prices on day one at Housing Works (over $50 for 0.5 gram carts and about $100 for one gram). Sure, the flower is affordable ($40-60 per 3.5 grams), but the options are limited. And no one is satisfied with paying $30 to $35 to eat or $18 to $50 for pre-made menus.
With these prices, the housing business should be on track to achieve it $1 million sales target in the first year. Fortunately, medical, gray market, and domestic options exist as the adult use market evolves and prices normalize.
Ultimately, pricing will be shaped by regulatory constraints that prevent undue influence from highly leveraged multinational operators. Regulations limiting interference from authorized operators are meant to give consumers the power to choose which brands thrive.
Last week, Sen. Liz Krueger Leafly said Lawmakers have examined how California and other markets have lost ground to the illicit market. Sen. Kruger and members of the state’s cannabis board said on the first day of sales that they intend to apply lessons learned from other states’ mistakes. Accessible prices will be a key part of New York’s battle to lure buyers away from unlicensed operations, some of which pollute buff while others offer West Coast quality without the local taxes.
First legal deliveries and more legal storefronts
First, the country has to offer online delivery services, through an exclusive third-party partner Dutchie. To date, none have been found 63 licensees Delivery sales have been allowed to begin.
Then New York would have to subsidize dozens of brick-and-mortar stores to join Housing Works, the only licensed adult-use dispensary open for business in the state. The Student Housing Authority (DASNY) is responsible for this process, but the office has not yet met December 30, 2022 deadline to publish a report on its efforts to raise $200 million for the new state dispensaries.
Social justice and public comments
There are also regulatory hurdles and deadlines that the country will face in the coming weeks. The country is currently digging through “hundreds of pages of banknotes” to present its social and economic justice plan, which was due to be presented on January 1, 2023, according to the Marijuana Regulatory Act and Taxes (MRTA). The MRTA legalized cannabis in New York in March 2021, laying a clear foundation for how and when regulators should roll things out. Proposed final regulations Released in late 2022, it is open for public comment before it is finalized.