New York’s cannabis regulator is looking to grant 1,500 new licenses to help alleviate a surplus of marijuana that producers have built up amid a lack of legal channels for sales.
Cannabis growers have been sitting on excess marijuana as the state’s tally of legal retailers stands at about two dozen. John Kagia, director of policy for the Office of Cannabis Management, referred to the dynamic as “market asymmetry.”
The regulator will grant more licenses to get stores open to help sell off what he called a “significant surplus of cannabis biomass,” according to a webcast meeting on Tuesday, referring to producers’ unprocessed cannabis.
– Read the entire article at Bloomberg News.
