Where is the Industry? What Will Happen With Rescheduling? The Comment Period is Over.
The Future is Upon Us. Where is the Industry?
What Will Happen With Rescheduling?
The Comment Period is Over.
What is the Drug Enforcement Agency (DEA) going to do now?
In our May and June newsletters we noted that the DEA was accepting public comments on rescheduling cannabis from Schedule I to Schedule III. The public comment period is now over. The DEA has over 40,000 comments to sift through. What will the DEA do? What is a likely outcome? And will the impending election have any impact if the DEA does not have a decision or has not taken action prior to the election?
According to the latest HEADSET analysis, 94% of respondents favored rescheduling or descheduling cannabis.
Read the latest from HEADSET.
HEADSET’s Cy Scott delivered the Industry Update at CWCBExpo New York on June 5. At that time, the comments were already overwhelmingly favorable for rescheduling or descheduling. Listen to Cy’s entire presentation on this month’s archived video.
“If they take these comments seriously and really take into account what the people are saying, this is pretty overwhelming, right?
“You’re going to see new investors coming in, new opportunity, and more capital available, which is good, especially for an emerging market like New York.”
– Cy Scott, at CWCBExpo, June 5, 2024
New York State Cannabis News
Licensing News from the Office of Cannabis Management (OCM), Cannabis Control Board (CCB)
- Issuing more licenses across several categories bringing the total for 2024 to 730
- Amendments to packaging, labeling and marketing regulations for licensees
- Ongoing efforts to padlock illicit shops across NYC and NYS
At the meeting, the CCB asserted that the cannabis industry in NYS is thriving and growing and that cannabis sales in 2024 will reach $200MM by this June. They said that to date, NYS cannabis sales have surpassed $420MM.
Recent Adult-Use Dispensary Openings
Just A Little Higher Murray Hill
NEW YORK CITY | 628 2nd Avenue, New York 10016
Website: justalittlehigher.com
Stoops NYC
NEW YORK CITY | 182 Fifth Ave, New York 10010
Website: stoopsnyc.com
RISE Dispensary Halfmoon
HALFMOON | 1675 Route 9, Watkins Plaza, Halfmoon 12065
Website: risecannabis.com
Riverbend Dispensary
HUDSON | 531 Warren Street, Hudson 12534
Website: riverbenddispensary.com
Happy Times Cannabis Co.
CHEEKTOWAGA | 3807 Harlem Road, Cheektowaga 14215
Website: happytimescannabis.com
Silver Cannabis Company
SARATOGA SPRINGS | 75 Weibel Avenue, Saratoga Springs 12866
Website: silver-therapeutics.com/location/saratoga/
Twisted Cannabis FLX
GENEVA | 501 Exchange Street, Geneva 14456
Website: twistedcannabisflx.com
Kings House of Fire
CORTLANDT MANOR | 3006 E Main Street, Cortlandt Manor 10567
Website: kingshouseoffire.com
Green Genius NYC
NEW YORK CITY | 214 3rd Avenue, New York 10003
Website: greengeniusnyc.com
Cussin’s Cannabis
SCHENECTADY | 2075 Central Avenue, Schenectady 12304
Website: cussinscanna.com
Polanco Brothers Ridgewood
NEW YORK CITY | 6633 Fresh Pond Road, Ridgewood 11385
Website: polancobrothersridgewood.com
Herb-Z
NEW YORK CITY | 109 E Taft Road, North Syracuse, 13212
Website: herb-z.com
Robinson’s Dispensary
ALBANY | 106 Everett Road, Albany, 12205
Arkansas, Nebraska and North Dakota Cannabis News
New Ballot Measures
Cannabis advocates in several states organized and gathered signatures to get legalization measures on their 2024 state ballots. The advocates in three states, Arkansas, Nebraska and North Dakota, had more than enough signatures to get the respective measures on the ballots. Arkansas and Nebraska seek medical ballot measures while the North Dakota ballot measure supports adult-use legalization.
Delaware Cannabis News
Transitioning Dispensaries from Medical to Adult Use
Delaware Governor John Carney signed a legislative bill that allows a pathway for medical licensees and dispensaries to transition to adult-use operators. That pathway has fees to transition. The bill is meant to catapult the development of the adult-use cannabis market.
South Africa Cannabis News
South Africa Works to Build its Cannabis and Hemp Sectors
In November of 2023, CWCBExpo editors visited the South African Consulate in New York City to discuss developing a cannabis industry. CWCBExpo has been following that country’s cannabis progress since our visit. Here are the latest developments.
South Africa has embarked on several priorities for their country’s Investment Strategy that will spur job creation and growth, and foster recognition of people’s rights.
This past spring, South African President Ramaphosa took significant action regarding the Cannabis and Hemp sectors. In May, President Ramaphosa signed a law called the Cannabis for Private Purposes Act (CfPPA) which regulates the cultivation, possession and use of cannabis by adults in private settings. It also removed cannabis from their Drugs and Drug Trafficking Act. The President’s action opens up the medical market even further for the medicinal cannabis and for further regulatory opportunity for cannabis use among adults.
President Ramaphosa’s actions continued in June when he took the results of a Phakisa that explored the Cannabis and Hemp sectors. A “Phakisa” is a targeted program that seeks to fast-track the government’s targets and goals that help business, education, society and government. The Phakisa for cannabis and hemp brought stakeholders together from several groups. The goal was to develop a cohesive plan to define policy and get various sectors of the South African government to work together to build a meaningful regulatory program for the cannabis and hemp sectors.
THIS MONTH’S CWCBExpo NY 2024 ARCHIVED VIDEO
Industry Update by Cy Scott:
“Trends, Challenges and Opportunities –
Why New York is the Market to Watch in the Midst of Rescheduling”
This Industry Update, recorded at CWCBExpo on June 5, 2024, gives us a big-picture overview of the adult-use market across the United States including the implications of rescheduling from a Schedule I to a Schedule III classification. Also addressed are growth market trends, consumer behavior preferences and sales of different form factors. The data and analytics focuses on the New York Market and why you should put it front and center in your sights. This is a not to be missed market analysis.
Presented by Cy Scott, Co-Founder, CEO, Headset, with Tim Seymour, Portfolio Manager, CNBS Cannabis ETF; Co-Host, CNBC Fast Money.
((from the left) Cy Scott and Tim Seymour
Don’t miss out. Get prime exhibit space now.
June 4 – 5, 2025
Javits Convention Center, NYC