The Travel Agency: A Cannabis Store and Curaleaf Holdings Inc. CURLF are opening new cannabis shops in New York, enhancing the state’s legal cannabis retail presence.
The Travel Agency is set to become the first brand with multiple locations, while Curaleaf is opening its first adult-use store in Newburgh, roughly 70 miles from New York City.
New Store Arrival Near the Barclays Center
The Travel Agency is launching its second Brooklyn dispensary at 118-122 Flatbush Avenue, aiming to become the area’s top dispensary. Initially opening as a 3,500-square-foot pop-up with 60 staff members, it plans to expand to 4,800 square feet, reported MarketWatch.
Market Growth and Regulatory Hurdles
Despite a slow start, New York’s legal cannabis market is gaining momentum. However, it faces competition from numerous unlicensed stores selling unregulated products. In its first year (2023), New York’s legal cannabis market generated $150 million in sales, less than Connecticut’s $274 million.
Governor Kathy Hochul is proposing legislative changes to address these issues, including a shift from a potency tax to a weight-based tax to enhance competitiveness against the unlicensed market.
Legal Ambiguities
Brooklyn District Attorney Eric Gonzalez is ceasing to prosecute cases of excessive cannabis possession due to ambiguities in the law’s wording regarding how cannabis should be weighed.
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