AB FinWright’s World Of Cannabis Update
New York: Adult Use Sales Launched
On December 29 of last year, New York officially launched adult use sales, but at only one location. The fortunate dispensary was Housing Works Cannabis Company in Manhattan’s East Village, and it’s first sale was made to Chris Alexander, the executive director of the New York Office of Cannabis Management, who purchased a pack of gummies and an eighth of flower.[1]
The dispensary is operated by Housing Works, a non-profit that services people living with HIV/AIDS and those who are homeless and formerly incarcerated. This type of license recipient is in keeping with New York’s mission to “start New York’s adult-use cannabis market off on the right foot by prioritizing equity, and now we’re fulfilling that goal,” said New York Governor Kathy Hochul. The state’s goal is for “50% of licenses to go to a minority or woman owned business enterprise, or distressed farmers or service-disabled veterans to encourage participation in the industry”.[2]
Connecticut: Adult Use Sales Launched
Connecticut’s Department of Consumer Protection (DCP) approved nine dispensary licenses to commence sales on Tuesday, January 10, 2023. This follows legalize of adult use cannabis on June 17, 2017. At that time, Governor Ned Lamont also announced his administration had marked 43,754 low-level cannabis convictions as erased.[3]
The DCP has limited adult use cannabis purchases to ¼-ounce of flower or other cannabis products, which is a significantly lower limit than neighboring Massachusetts. These limits are in place to “ensure adequate supply for both adult-use consumers and medical marijuana patients, who will still be allowed to purchase up to 5 ounces per month”.[4]
By 5 p.m. Tuesday, Connecticut had recorded $251,276 in marijuana sales. Adult use marijuana is expected to create 10,000 jobs and generate municipal and state tax revenues of $26 million in 2023 and $44 million in 2024.[5]
[1] https://cannabisindustryjournal.com/news_article/new-york-launches-adult-use-sales/
[2] https://www.cnn.com/2022/12/29/us/new-york-marijuana-first-legal-sales/index.html
[3] https://cannabisindustryjournal.com/news_article/connecticut-launches-adult-use-sales/
[4] https://www.ctpublic.org/news/2023-01-09/first-retail-cannabis-sales-begin-tuesday-in-connecticut
[5] Ibid.
