New York Cannabis Cops Seized $54M In Illicit Weed From Unlicensed Storefronts, Says Gov. Hochul
Portfolio Pulse from Maureen Meehan
New York authorities seized over 11,000 pounds of illegal cannabis products worth $54 million from unlicensed stores. 350 locations have been raided this year. The Office of Cannabis Management aims to prioritize safety and promote legal dispensaries. Legal battles, including a lawsuit by veterans against the state's licensing process, have delayed the cannabis program. The injunction was lifted last week, allowing for license processing. New York has 27 licensed dispensaries, competing with 1200 illicit shops. Acreage Holdings, Curaleaf, and Green Thumb Industries are monitoring the situation closely.
December 05, 2023 | 3:38 pm
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POSITIVE IMPACT
Acreage Holdings, operating in NY, may benefit from the crackdown on illegal cannabis as it could lead to increased demand for legally sold products.
The crackdown on illegal cannabis operations in New York could potentially increase the demand for legally sold cannabis products. As Acreage Holdings is one of the companies operating in the state, it may see a positive impact on its revenue if consumers shift to legal dispensaries.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Curaleaf, with operations in NY, stands to gain from the state's enforcement actions against unlicensed cannabis stores, potentially increasing its market share.
As New York intensifies its efforts to shut down unlicensed cannabis operations, Curaleaf could see an uptick in business as customers turn to legal dispensaries. This could positively impact Curaleaf's market share and revenues in the short term.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Green Thumb Industries may experience a positive impact from the NY crackdown on illegal cannabis, potentially leading to more customers for legal dispensaries.
The enforcement actions against illegal cannabis stores in New York could benefit Green Thumb Industries by driving consumers to seek out legal dispensaries. This could result in a short-term positive impact on the company's sales and market presence.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70