| Ticker | Status | Jurisdiction | Filing Date | CP Start | CP End | CP Loss | Deadline |
|---|
| Ticker | Case Name | Status | CP Start | CP End | Deadline | Settlement Amt |
|---|
| Ticker | Name | Date | Analyst Firm | Up/Down | Target ($) | Rating Change | Rating Current |
|---|
New York law enforcement authorities have had a busy year running from one illegal weed shop after another. Gov. Kathy Hochul’s administration announced on Monday that they seized more than 11,000 pounds of illicit cannabis products worth more than $54 million following the latest round of inspections of unlicensed weed-selling storefronts.
So far this year, reports the NY Post, 350 locations have been raided and inspected by law enforcement agents including the New York City Sheriff’s Joint Compliance Task Force.
“As we look ahead to this next chapter in New York’s cannabis market, we continue to prioritize safety across the state by working diligently to shut down illegal operators,” said Chris Alexander, executive director of the Office of Cannabis Management (OCM). “The number one remedy for the problem of these illicit shops is getting more legal businesses open. New Yorkers want to know where their products are coming from, and they know they can rely on safe, trusted, and locally grown cannabis when they walk into one of our legal dispensaries.”
Speaking Of Legal Cannabis Businesses
New York just emerged from a long and painful year of legal battles that hamstrung the cannabis program, adding to its seemingly endless delays.
One of the most damaging legal standoffs originated from a lawsuit filed by four service-disabled veterans who sued the state's licensing process for favoring "justice-involved individuals" and allowing them first dibs on retail dispensary licenses.
That standoff was resolved last week when the NY Supreme Court lifted an injunction - in place since August - that was preventing the OCM from processing any dispensary licenses.
At the moment, New York has 27 licensed adult-use cannabis dispensaries, 12 of which are located in NYC where they’ve had to, and still do, compete with some 1200 illicit shops in the Big Apple.
Meanwhile, advocates and entrepreneurs interested in a well-run cannabis industry, including companies already in the state such as Acreage Holdings (OTCQX: ACRHF), Curaleaf (OTCQX: CURLF) and Green Thumb Industries (OTCQX: GTBIF) are likely holding their collective breath in the hope that nothing else comes along to throw New York’s beleaguered weed program back into chaos.
Photo courtesy of OCM
