New York cannabis farms have nowhere to sell a combined 300,000 pounds of weed, valued at $750 million, as delays continue for dispensaries in the state

Hundreds of thousands of pounds of marijuana are currently sitting idly on New York cannabis farms without a single legal recreational dispensary in the state open and ready to sell the product.

An estimated 300,000 pounds of weed are becoming a growing concern for farmers who planted the crop in spring 2021 in hopes of cashing in on the drug’s legalization in New York state. The lot is valued at about $750 million based on the average wholesale value of $2,500 per pound, according to Bloomberg.

Today, the legal recreational cannabis market is stalled as applicants for the first 150 individual retail licenses and 25 nonprofit licenses are still waiting to hear back from the Office of Cannabis Management, per Bloomberg.

Although players in the industry are waiting for the green light from the state, Melany Dobson — CEO of New York-based Hudson Cannabis — told Bloomberg it’s not the only thing holding her and others back.

“It’s an unclear path to market,” Dobson said. “We’ve been told again and again that dispensaries will open before the end of the year. I’ve acted as though that’s our single source of proof, so we’re prepared for that.”

The clock is ticking for the freshly harvested pounds of pot as farmers work to extend its shelf life in preparation for the still-to-come legal dispensaries.

“Old cannabis starts to have a brownish glow,” Dobson said. 

She continued: “We’re trying to retain as much quality as possible. And rushing it into the finished product bags is not the way to do that.”

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Author: HP McLovincraft

Seeker of rabbit holes. Pessimist. Libertine. Contrarian. Your huckleberry. Possibly true tales of sanity-blasting horror also known as abject reality. Prepare yourself. Veteran of a thousand psychic wars. I have seen the fnords. Deplatformed on Tumblr and Twitter.

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