Cannabis Briefs for February 14, 2023
February 14, 2023•New York City authorities are cracking down on the profusion of unlicensed cannabis retailers that have sprung up recently. The Manhattan district attorney’s office sent warnings to more than 400 locations, district attorney Alvin Bragg said. The warning letters went to the landlords of the retail locations, warning of potential evictions if the shops do not close. Only a small handful of licensed cannabis retail has opened in the city so far following the official launch of recreational retail in late December, but as many as 1,400 stores are currently selling to the public.
•New Jersey regulators will eliminate the state’s cap on cannabis cultivators. The state’s Cannabis Regulatory Commission agreed not to renew the 37-license limit on cultivation when it expires later this month. This won’t do much in the short term to increase cannabis supply in the state as it is nowhere near this limit, with only 11 companies currently licensed to grow for recreational use. The Commission will also open up $10 million in grants to aid people affected by the war on drugs in opening a cannabis business.
•Cannabis sales slumped in Colorado last year, falling 20% from the year before. The state sold $1.77 billion worth of cannabis in 2022, down from $2.23 billion in 2021, and below 2020’s 12-month figure as well. Monthly recreational sales totals hovered around $130 million over the course of last year. Colorado has sold nearly $14 billion worth of cannabis since sales began in 2014.
•Illinois logged $128 million in recreational cannabis sales in January, according to the latest data from the state’s Department of Financial and Professional Regulation. That figure was down from December’s record-setting haul of $143.9 million and is in fact the lowest monthly sales figure since last June, but it’s worth noting that January and February always see a sales compression of $10 million or more before rebounding in March. In-state residents spent $91.8 million on cannabis last month and visitors contributed $36.1 million. Just over three million cannabis products were sold.
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