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New York Ag News Headlines |
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New York's Slow Start Leaves Farmers Struggling in Legal Pot Market
New York Ag Connection - 06/09/2023
New York's legal marijuana market has encountered a slow start, leaving farmers with significant quantities of unsold cannabis. With only a dozen licensed dispensaries in the state, including a far slower licensing process than anticipated, farmers are facing financial difficulties.
The previous season's harvest of 700 pounds of marijuana flower and 220 pounds of distillate remains largely unsold, and the current growing season has commenced with farmers still burdened by last year's surplus.
The challenges faced by New York's pot farmers are not unique. Legal growers in western states also struggle with low prices, competition from the black market, high state taxes, and federal restrictions. However, New York's farmers face a direct consequence of the bumpy launch of the recreational pot market.
Unlicensed shops have attempted to fill the void, but federal law prohibits farmers from transporting their crops across state lines, rendering these outlets illegal for the state's farmers. Consequently, the limited shelf space has led to concerns about the perishability of the unsold smokable flower, which constitutes about 80% of the remaining cannabis.
Farmers like Seth Jacobs and Brittany Carbone are eagerly awaiting the opening of more licensed dispensaries, which would provide a sustainable solution for selling their products. The lack of sales is especially challenging for small farmers who are financially strained after investing in last year's crop and now require capital for the new season.
Critics blame the state's officials for missteps in their efforts to diversify the market and provide opportunities to struggling hemp farmers and those with past marijuana convictions.
Despite the hurdles, farmers like Jacobs and Carbone remain optimistic, hoping for resolutions that will enable them to sell their products successfully. Recent efforts by the Office of Cannabis Management, such as provisional approvals for new dispensary licenses and plans for alternative selling venues, provide some hope for a brighter future in New York's legal pot market.
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