New York's recreational cannabis industry has the potential to be a multibillion-dollar industry.
Yet, in the first year of legality, New York cannabis is struggling to generate the expected tax revenues for the state government, with a meager $70 million in legal sales as of August.
This may come as a surprise to New Yorkers, who have become accustomed to seeing dispensaries on virtually every street corner. The delay is due in large part to delays in licensing, with the New York Cannabis Control Board mired in litigation over its licensing policies, and over 2,500 unlicensed dispensaries have popped up to fill the void.
However, recent legal developments may finally give the New York cannabis industry the tools it needs to meet its potential.