New York's cannabis market faces serious challenges with approximately 80-85% of its $5-7 billion market operating illegally. This inversion stems mainly from the state's early encouragement of farmers to grow cannabis without a retail framework in place. As a result, many growers are forced to sell their crops through illicit channels. The lack of an efficient tracking system exacerbates the problem, allowing unregulated products to enter the market. Solving these issues requires legal operators to have greater capacity and flexibility to scale, innovate, and compete on price and quality against illicit sales.
New York's legal cannabis market is dominated by illicit sales, as 80-85% of the $5-7 billion market operates outside sanctioned dispensaries.
The state's backward rollout of the cannabis market has forced farmers to sell crops illegally, creating a scenarios where compliant businesses struggle.
A reliable track-and-trace system could help, but collusion among processors and retailers undermines regulatory efforts, allowing unregulated materials into the system.
To outcompete the illicit market, legal operators need room to grow and innovate while reducing costs for consumers.
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