New York Cultivators have too much weed on their hands

In a recent report, Associated Press (AP News) examined the current state of cannabis cultivation, highlighting issues with the current conditions. In an interview, AP News interviewed cultivator Seth Jacobs from Slack Hollow Organics, (and his brand Bud & Boro), who confirmed that because of the limited number legal dispensaries he is stuck with a large amount of cannabis. “We’re really under pressure here. Jacobs said that we’re all losing cash. Even the most ambitious and entrepreneurial amongst us can’t move a lot of product in this environment. He explained that even he has 100 bins of cannabis flower stored, or 700 pounds harvested in 2022. 220 pounds distillate are also being stored. Kathy Hochul predicted that the state would be licensing up to 20 dispensaries each month starting in 2023. New York currently has only 11 dispensaries operating in the state. There are 300 licenses that can be awarded to qualified applicants. AP News reports that the legal cannabis product’s value is estimated at “hundreds and millions of dollars,” with 80% of this being cannabis oil. Eventually, the flower will become too old to sell, even though cultivators like Jacobs are storing the product in temperature-controlled storage containers.Brittany Carbone of Tricolla Farms also told AP News that she’s storing 1,500 pre-rolls and 2,000 packs of edibles for the same reason. Carbone stated that more retailers opening up will give us a sustainable solution. Jacobs also added that due to the abundance of product in storage he does not plan to produce additional distillates this season. Carbone said that Tricolla Farms will reduce its number until more dispensaries open. AP News cites the issue of prioritizing social equality applicants as a potential delay. The $200 million program was earmarked for such businesses. $150 million of that came from “private investments.” Although the news outlet couldn’t confirm whether private investments had been made, state Dormitory Authority spokesperson Jeffrey Gordon explained that evaluating dispensary locations and setting up safe banking has been a difficult task. OCM Chief equity officer Damian Fagon predicted that this would happen “optimistically within a month” during an announcement made in late May. The plan is to have at least three growers and one retailer host a farmers’ market event. John Kagia from OCM’s Director of Policy explained the benefits of such events. Kagia said, “We believe this is important because it accomplishes two things.” “One, this allows the growers the opportunity to get in front the consumers who will be buying legal, regulated products in New York and it allows you to share your stories.” It allows you to sell your product more quickly throughout the state. Retailers will be restricted to the regions in which they are authorized to operate. But growers can do it anywhere. Ghitelman said that “we know these cultivators worry about how to sell the last year’s crop as they decide whether or not to plant a cannabis harvest in 2023. We will continue to support” them as more adult use dispensaries open up to sell their product.