New York’s Medical Marijuana Industry Faces Uncertain Future with $15 Million Licensing Fee
The medical marijuana industry in New York is facing a significant hurdle with the introduction of a new $15 million licensing fee for dual medical and recreational operators. This fee, included in the state budget, has raised concerns among industry professionals, who believe it will be too costly for many operators to continue offering medical marijuana.
In the past, large corporate players dominated the medical marijuana market, but the number of patients and dispensaries has been declining. Currently, there are only about 95,000 certified patients and 30 medical dispensaries in the state. The new licensing fee may exacerbate this decline, as many operators may struggle to justify the cost.
Katie Neer, an attorney and lobbyist for the New York Medical Cannabis Industry Association, expressed her concerns about the fee. “We’re going to have to rebuild the medical marijuana market from the ground up,” she said. While state officials claim to support the medical marijuana industry, Neer hopes that they will follow through on their promises and find a more feasible solution for operators.
