New York marijuana regulators boasted Friday about the financial success of the legal cannabis industry in 2023, but made little mention of the millions in taxes lost to illegal pot shops dotting the landscape like the weed.
The Bureau of Cannabis Management’s year-end report was filled with superlatives describing a booming industry that generated about $16.5 million in tax revenue from sales of about 3.5 million marijuana products sold.
“2023 was a year of growth for cannabis in New York and we know 2024 will be even more significant,” said John Kagia, the bureau’s policy director, who said there were about $150 million in total legal sales this year.
The office, however, could not put a price on how much was sold at the roughly 1,500 illegal vendors operating in nearly every commercial block in the city and elsewhere in the state, which officials have complained have been in. stealing businesses from the poor. 40 officially licensed stores currently approved in New York State.
The statement said they were cracking down on illegal stores and had seized more than 11,600 pounds of illicit products, with an estimated street value of more than $56 million.
New York marijuana regulators boasted Friday about the financial success of the legal cannabis industry in 2023, but made little mention of the millions in taxes that will be lost to illegal marijuana shops. Helayne Seidman
But when asked for details on the total size of the illegal industry, which operates in plain sight, the state was unable to provide data.
Sellers who set up unlicensed stores mostly do cash business and do not pay the cannabis taxes that licensed marijuana dispensaries must pay.
A spokesperson for the cannabis bureau said they “do not have firm or reliable estimates on the total number of unlicensed stores.”
The Bureau of Cannabis Management’s year-end statement was filled with superlatives describing a booming industry that generated about $16.5 million in tax revenue from sales of about 3.5 million marijuana products sold. fake images
The state said nearly 7,000 licenses were applied for for processors, cultivation, distribution, microbusinesses and retail dispensaries this year, and Kagia said demand was high and expected to grow.
“And now, with the Bureau about to issue hundreds more adult-use retail licenses, there is tremendous excitement as consumers across the state are prepared to gain access to this exciting market,” he said.
More than 500 strains with names like Gas Face, Blueberry Muffin and Sour Diesel have been made available to the expanding market in New York alone.
“2023 was a year of growth for cannabis in New York and we know 2024 will be even more significant,” said John Kagia, the bureau’s policy director, who said there were about $150 million in total legal sales this year. Matthew McDermott
“There are also products available across the price spectrum, from low-cost brands to ultra-premium products,” Kagia added.
“In addition, not only floral products are sold. “Flower-free products, from infused gummies and innovative beverages like cannabis-infused apple cider, to strain-specific vaporizers and high-potency tinctures, ensure there is something for everyone in this market.”
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Source: vtt.edu.vn