ALBANY, N.Y. — On Thursday, the New York State Office of Cannabis Management (OCM) announced the official publication of the Marihuana Regulation and Taxation Act (MRTA) Implementation Report, highlighting three years of progress in establishing one of the nation’s most comprehensive legal frameworks for the adult-use cannabis, medical cannabis, and cannabinoid hemp industries.
The report details the successful efforts to realize the intent of the MRTA—to promote equity and expand opportunities for communities disproportionately impacted by cannabis prohibition, foster a thriving and growing cannabis market and the economic opportunities it brings, protect and promote public health and safety, enforce cannabis laws and regulations, and protect the environment. It also provides recommendations for continued development and growth across the state’s cannabis landscape.
Key Findings from the Report:
Adult-Use Market Growth:
A total of 1,342 Adult-Use Cannabis Licenses have been issued, and over 200 retail dispensaries are now licensed to operate.
To date the Adult-Use market generated $653.9 million in revenue in 2023.
67% of New Yorkers who consumed cannabis in the past year reported purchasing from legal retail sources.
Economic Equity Commitments:
54.7% of Adult-Use licenses have been awarded to Social and Economic Equity (SEE) eligible applicants, surpassing the MRTA’s target of 50%.
205 Conditional Adult-Use Cultivation and Processing Licenses have been issued to date.
150 Conditional Adult-Use Retail Dispensary (CAURD) licenses are now open for business, providing opportunities for equitable ownership and participation in the cannabis industry.
Expungements and Legal Reforms:
Over 400,000 marijuana-related convictions are eligible for expungement under the MRTA.
Over 200,000 convictions have been sealed, and 107,000 additional convictions have been suppressed while awaiting sealing.
NO individual in New York State remains incarcerated solely for a marijuana-related offense.
Enforcement Actions:
1,341 Enforcement Inspections have been conducted across New York State.
1,135 Inspections resulted in Notices of Violation (NOV) being issued.
345 Enforcement Inspections led to NOVs and stores being padlocked for non-compliance.
Over 27,318 lbs. of unlicensed cannabis products have been seized, valued at $119,833,546.
H/T: cnycentral.com
