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Step into the final stretch of 2023 with our December regional cannabis news update. The edition spotlights a game-changing decision by New York’s Cannabis Control Board, as well as the flourishing market in New Jersey. As we close out the year, witness the expansion of markets across the Northeast as we unpack the details of some of the most pivotal moves in our area.
MSOs approved to enter the New York adult use market
Following the state’s Supreme Court decision on December 1st to lift an injunction hindering the issuance of new Conditional Adult-Use Retail (CAURD) Licenses, the Cannabis Control Board (CCB) in New York has officially given the green light to multistate operators (MSOs) with medical marijuana licenses to enter the adult use market on December 29th, 2023.
The decision comes exactly one year after the state launched recreational sales. Thus far, the CCB approved the following six organizations to join the adult use market:
- Columbia Care NY, whose parent is New York-based MSO The Cannabist Co.
- Curaleaf NY, part of New York-headquartered MSO Curaleaf Holdings
- Etain, owned by RIV Capital, a Toronto-based investment firm
- NYCanna, part of New York-headquartered MSO Acreage Holdings
- PharmaCann of New York, whose parent is Chicago-based MSO PharmaCann
- Valley Agriceuticals, whose parent is Chicago-headquartered MSO Cresco Labs
While the waiting period had been adopted to provide a first-to-market advantage to social equity retailers and smaller supplies, gears have shifted in an effort to expand retail options as hundreds of unlicensed shops continue to plague the market.
These six companies will eventually be permitted to set up co-located adult-use sales at up to three of their existing medical dispensaries. For the time being, however, each was approved for a single shop that can open by the end of the month. The CCB also approved new medical-only locations for both Citiva and Fiorello.
New Jersey sales increase as prices drop
New Jersey cannabis sales are stacking up high, as the recreational market recorded $206.1 million for Q3 2023. This brings the state’s total legal market revenue for the year to $762.9 million. The New Jersey Cannabis Regulatory Commission (CRC) reported a 10% increase in sales in the same quarter, from the $160.2 million in adult use cannabis revenue generated from April through June.
According to CRC Executive Jeff Brown, consumers are attracted to the licensed marketplace, which includes 70-plus adult-use dispensaries statewide. As a result, prices for products are starting to come down. The average flower price dropped to roughly $354 per ounce at adult-use retail, representing a 10.5% decrease from January’s average price of $396.
“New Jersey’s market continues to grow,” Brown said during the commission’s regular meeting on Dec. 7th. “For the first time in history, legal cannabis sales in New Jersey eclipsed $200 million in the third quarter of 2023. That includes just shy of $177 million of adult-use sales and just shy of $30 million of medicinal sales.”
New Jersey’s adult-use sales accounted for nearly 86% of all sales for the third quarter of 2023. The state’s medical market continues to shrink due to expanded opportunities for consumers.
More dispensaries are opening across New York
Gov. Kathy Hochul (D-NY) has announced the opening of one dozen new adult-use dispensaries from Brooklyn to Buffalo. By the end of December 2023, the state anticipates having at least 37 adult-use dispensaries open for businesses. Among the opening locations, eight are majority Black-owned, five are Hispanic-owned, and nine are woman-owned.
“As New York expands the most equitable cannabis market in the nation, my administration remains committed to building a safe industry for all New Yorkers that will grow our small business community,” Governor Hochul said in a press release. “These new dispensaries continue our mission of strengthening our legal market while at the same time helping to push out the bad actors who skirt our laws and undermine all we are trying to accomplish.”
Below is a list of the dispensaries that have recently opened or are set to open this month. Opening dates are subject to change:
- Hush – 2460 Williamsbridge Road Fl 1, Bronx 10469, (Opened on Thursday, Dec. 14, 2023)
- Grow Together – 2370 Coney Island Ave., Brooklyn 11223, (Opened Tuesday, Dec. 19, 2023)
- Dagmar Cannabis – 412 W Broadway, New York 10012, (Opening on Friday, Dec. 15, 2023)
- THC Herbal Care – 1412 Lexington Ave., New York 10128 (Tentative opening, Jan. 4, 2024)
- Happy Days – 105 Route 109, Farmingdale 11735 (Tentative opening on Saturday, Dec. 23, 2023)
- Elevate – 127 S Terrace Ave., Mount Vernon 10550 (Opened on Monday, Dec. 11, 2023)
- The Highest Peak – Village of Potsdam, 5 Market St., Potsdam 13676 (Opened on Thursday, Dec. 7, 2023)
- The Firehaus – 7479 US Highway 11, Potsdam 13676 (Opened Wednesday, Dec. 13, 2023)
- 420 Bliss – 740 Hoosick St., Brunswick 12180 (Opened on Thursday, Dec. 7, 2023)
- Capital District Wellness – 997 Central Ave. Suite 200, Albany 12205 (Opened on Friday, Dec. 8, 2023)
- Amsterdam Cannabis – 1451 State Highway 5S, Amsterdam 12010 (Opened on Friday, Dec. 9, 2023)
- Premier Earth Corp – 1297 Hertel Ave., Buffalo 14216 (Opened on Wednesday, Dec. 13, 2023)
- MJ Dispensary – 900 Jefferson Rd Ste 902, Rochester 14623 (Opened on Tuesday, Dec. 12, 2023)
Embrace growth with CWCBExpo
December marks a transformative period for the Northeast’s cannabis landscape. As we bid farewell to 2023, the region is poised for continued growth and innovation. Stay up to date with our latest updates and join us for insightful discussion at our upcoming in-person conferences – where the pulse of the industry will continue to beat strong in the new year.