Close Menu
  • Home
  • News
  • Lifestyle
  • Law
  • Business
  • Education

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

What's Hot

Ohio GOP Seeking to Change Voter-Approved Adult-Use Cannabis Law

May 30, 2025

U.S. Court of Appeals Rejects Legal Challenge Claiming Cannabis Prohibition is Unconstitutional

May 29, 2025

Montana Gov. Signs Bill Reserving $12M of Cannabis Tax Revenues for ‘Habitat Legacy Account’

May 28, 2025
Facebook X (Twitter) Instagram
Sunday, June 1
  • Home
  • Contact
  • Privacy Policy
  • Terms & Conditions
Facebook X (Twitter) Instagram LinkedIn VKontakte
Smoke Professional
  • Home
  • News

    More Than 1,000 Arrested in Sweep of U.K. Weed Grows

    July 8, 2023

    Scotland Calls On UK To End ‘Failed’ Drug War With Decriminalization And Harm Reduction Approach

    July 8, 2023

    Germany’s draft law for first phase of cannabis reform

    July 8, 2023

    High Times Cannabis Cup Illinois: People’s Choice Edition 2023 Kicks Off

    July 8, 2023

    Pennsylvania Committee Advances Expansion to State Medical Cannabis Program

    July 7, 2023
  • Lifestyle

    How Watching the News Can Trigger Anxiety and Panic Attacks

    October 28, 2024

    Record High Cannabis and Hallucinogen Use Among Adults

    October 27, 2024

    Weekend Sleep Catch-Up May Lower Heart Disease Risk by 20%

    October 27, 2024

    Energy Drinks Linked to Poor Sleep Quality and Insomnia

    October 26, 2024

    First Psychedelic Church for Magic Mushrooms

    October 26, 2024
  • Law

    Ohio GOP Seeking to Change Voter-Approved Adult-Use Cannabis Law

    May 30, 2025

    Federal Lawmakers Call for Medicaid Fraud Investigation Into Florida Anti-Cannabis Political Group

    May 26, 2025

    Minnesota Ends Criminal Penalties for Bong Water

    May 23, 2025

    Minnesota Bill to Set Up Adult-Use Cannabis Industry Moves to Governor

    May 22, 2025

    Pennsylvania House Passes Cannabis Legalization Bill

    May 8, 2025
  • Business

    U.S. Court of Appeals Rejects Legal Challenge Claiming Cannabis Prohibition is Unconstitutional

    May 29, 2025

    Montana Gov. Signs Bill Reserving $12M of Cannabis Tax Revenues for ‘Habitat Legacy Account’

    May 28, 2025

    Minnesota Tribe Signs Agreements to Open Adult-Use Dispensaries Off Tribal Land

    May 28, 2025

    Washington to Issue New Social Equity Cannabis Licenses This Summer

    May 27, 2025

    DEA Raid Confiscates Over 29,000 Cannabis Plants in New York

    May 26, 2025
  • Education

    CBD and the Aging Population—What Science Says Today

    March 12, 2025

    Wholesale Nootropic Skincare: Boost Your Product Line

    March 10, 2025

    Ideal for Your Business Needs

    March 8, 2025

    A Must-have For Every Smoke Shop

    March 3, 2025

    The Perfect Addition to Your Product Line

    March 1, 2025
Smoke Professional
You are at:Home»Business»Report: New York’s Slow Licensing Process Could Cost State $2.6B Over 8 Years
Business

Report: New York’s Slow Licensing Process Could Cost State $2.6B Over 8 Years

adminBy adminMay 19, 2023No Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter LinkedIn Pinterest Email

A report authored last month by MPG Consulting suggests that if New York state does not get cannabis businesses licensed soon, it could cost the state $2.6 billion in related tax revenues over eight years. The report was prepared by the firm for multistate cannabis operator Acreage Holdings. 

So far, New York has just 36 dispensaries projected to open this year and has so far issued more than 280 conditional cultivation licenses to existing hemp businesses in the state. 

“New York is unnecessarily creating a retail bottleneck,” the report says, “slowing illicit market absorption.” 

The report suggests that the slow rollout of legal cannabusinesses in the state will lead to unlicensed market operators capturing $7.2 billion in revenue between 2023 and 2030 and cost 20,600 direct cannabis and ancillary jobs per year. 

“Licensing is increasingly becoming a chokepoint,” the report says, noting that “building and operating compliant retail and cultivation operations takes time, money, and experience.”  

MPG says that compliant businesses need $1 million to $5 million in initial capital including property acquisition, facility improvements, operating procedure development, and initial inventory sourcing. Businesses also require nine months to a year for dispensary entitlements, inspections, permitting, and hiring. 

The report suggests that “there needs to be 900 retail outlets across the state to provide sufficient market access” and that compliant cultivation facilities with between 20,000 to 50,000 square feet of canopy require $5 million to $20 million in initial capital. Additionally, it would take cultivation businesses 18 months to two years from facility development to first finished product, according to the report. 

“MPG estimates indicate 6 million sq. ft. of canopy needed to meet demand. The state has committed $50 million towards industry infrastructure development, with an unfunded objective of raising an additional $150 million from investors. That may be enough for just 20 dispensaries.” — MPG Consulting, “New York Illicit Cannabis Market Absorption Analysis,” Feb. 12, 2023 

The report suggests that if current registered medical cannabis operators in the state are allowed to convert to adult-use sales, illicit sales will be absorbed fastest. In that scenario, from 2023-2030, regulated sales would comprise $35.4 billion of the state market, with illicit sales comprising $9.9 billion of the market. The analysis suggests another scenario would be to phase in registered operators, which would lead to a $30.3 billion regulated market and a $15 billion unregulated market. Were the state to exclude registered operators entirely, illicit sales would comprise $17.1 billion of the market, while regulated sales would comprise $28.2 billion.

Get daily cannabis business news updates. Subscribe

Source link

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
Previous ArticleTennessee Governor Signs Bill to Regulate Delta-8 THC
Next Article Legalisation of cannabis not linked to rise in problematic use
admin
  • Website

Related Posts

U.S. Court of Appeals Rejects Legal Challenge Claiming Cannabis Prohibition is Unconstitutional

May 29, 2025

Montana Gov. Signs Bill Reserving $12M of Cannabis Tax Revenues for ‘Habitat Legacy Account’

May 28, 2025

Minnesota Tribe Signs Agreements to Open Adult-Use Dispensaries Off Tribal Land

May 28, 2025

Comments are closed.

Our Picks

Ohio GOP Seeking to Change Voter-Approved Adult-Use Cannabis Law

May 30, 2025

U.S. Court of Appeals Rejects Legal Challenge Claiming Cannabis Prohibition is Unconstitutional

May 29, 2025

Montana Gov. Signs Bill Reserving $12M of Cannabis Tax Revenues for ‘Habitat Legacy Account’

May 28, 2025

Minnesota Tribe Signs Agreements to Open Adult-Use Dispensaries Off Tribal Land

May 28, 2025
  • Facebook
  • Twitter
  • Pinterest
  • Instagram
  • YouTube
  • Vimeo
Don't Miss
Law

Ohio GOP Seeking to Change Voter-Approved Adult-Use Cannabis Law

By adminMay 30, 20250

Republican lawmakers in Ohio are seeking to make changes to the 2023 cannabis legalization law approved…

U.S. Court of Appeals Rejects Legal Challenge Claiming Cannabis Prohibition is Unconstitutional

May 29, 2025

Montana Gov. Signs Bill Reserving $12M of Cannabis Tax Revenues for ‘Habitat Legacy Account’

May 28, 2025

Minnesota Tribe Signs Agreements to Open Adult-Use Dispensaries Off Tribal Land

May 28, 2025

Subscribe to Updates

Get the latest creative news from Smoke Unlimited about Weed & CBD vaping.

From Our Partners
About Us
About Us

Get all the current news stories, latest trends and legislation regarding cannabidiol, products, usages and its benefits. So don’t miss out any buzz and stay tuned! We offer a minute to minute updates regarding Marijuana industry.

Facebook X (Twitter) Instagram Pinterest
Our Picks

Ohio GOP Seeking to Change Voter-Approved Adult-Use Cannabis Law

May 30, 2025

U.S. Court of Appeals Rejects Legal Challenge Claiming Cannabis Prohibition is Unconstitutional

May 29, 2025

Montana Gov. Signs Bill Reserving $12M of Cannabis Tax Revenues for ‘Habitat Legacy Account’

May 28, 2025
Sponsors
Copyright © 2025. SmokeProfessional
  • Home
  • Contact
  • Privacy Policy
  • Terms & Conditions

Type above and press Enter to search. Press Esc to cancel.