Concerns That New York’s Adult Use Market Won’t Be Open By The End of This Year

Despite assurances from the governor and regulators, New York marijuana industry officials and experts are increasingly concerned the state’s adult-use market won’t launch by the end of this year as planned. The uncertainty has left many applicants and businesses in a standstill while they wait. A New York cannabis attorney who specializes in regulatory issues and compliance, David Pejovic, said, “A lot of the excitement died down actually because of how long it’s taken.” Part of the delay is that adult-use regulatory policies and operational procedures have still not been finalized. And regulators have still not announced the first round of approved applicants. There are currently more than 250 licensed family farmers now harvesting product for retail sales, but they don’t know what to do with it given the uncertainty in the system. The New York Office of Cannabis Management had spokesperson Trivette Knowles speak on the delays. She said, “There has been no change in our expectation that sales will begin before the end of 2022 … Regulations … are expected before the end of this year with additional licensing opportunities opening in the first half of 2023...” New York adult-use retailers are projected to generate $1 billion-$1.2 billion in sales next year, growing to $2.2 billion-$2.7 billion by 2026, according to the 2022 MJBiz Factbook.