Since the passage of the Marijuana Regulation and Taxation Act (MRTA) almost three years ago, the state has grappled with formidable hurdles in establishing a regulated market. From legal challenges, bureaucratic delays, slow retail growth, and the proliferation of unlicensed shops, the journey toward a comprehensive and smooth cannabis marketplace has been fraught with challenges. These challenges underscore the complexities and hurdles in creating a robust, equitable, and well-regulated cannabis industry in the state. The state’s commitment to addressing social equity concerns and creating a well-regulated industry capable of generating significant revenue continues to drive discussions and initiatives aimed at overcoming these challenges and fostering a thriving regulated cannabis marketplace.

Despite these setbacks, there remains optimism about the potential of New York’s cannabis market, with state regulators closing its first general application window on Dec. 18, 2023, expecting to issue more than 1,000 new licenses. New rules now also allow companies licensed to grow and sell medical marijuana in New York to get into the recreational market.