New York Cracks Down on Unlicensed Cannabis Operators
4.2 min readPublished On: August 17th, 2022By News Team
NEW YORK–On Tuesday, just two months after NYC’s Mayor Adams proclaimed that “He Won’t Crack Down On Illicit Weed Sales, Tells Big Apple To Light Up & Enjoy,” (https://www.benzinga.com/amp/content/27570305) Police in New York City seized 20 weed trucks belonging to the now infamous “Weed World” brand, which were selling unlicensed cannabis all across New York City.
“If you are looking to buy illegal Cannabis from the Weed World Bus located on 5th Avenue & 40th street it is no longer open for business,” Maddrey tweeted. “We do not anticipate it opening for business anytime soon!”
(Weedworld Candies Store RV in Manhattan, 2022)
Notably, the seizure is publicly framed as being due to the unlicensed sale of cannabis.
Many clients express the same concerns to me regarding the viability of New York’s soon to be “legal” industry considering just how many businesses and individuals are openly selling unregulated cannabis throughout the State.
After New York legalized adult use consumption, possession and gifting of up to 3 ounces of cannabis, New York saw an explosion of illegal dispensaries and other unlicensed cannabis sellers throughout the State.
There are potentially billions of tax dollars on the line, and you can bet your bottom dollar that the State is no longer messing around when it comes to cannabis. This is a serious industry and the State is going to start making that loud and clear for all to hear.
Perhaps they allowed these unlicensed dispensaries to open and operate without any enforcement so as to have examples to make right before licenses start becoming available, to scare everyone else straight and into the regulated market?
Whether or not that’s the case, one thing is for sure; yesterday’s unregulated cannabis market is not today’s cannabis market.
That’s important to keep in mind when evaluating investments and opportunities in New York’s rapidly emerging adult-use cannabis industry.
(Image: A New York Cannabis Advocate)
Highly Capitalized thanks David B. Feder, Esq. for his opinions in this article.David B. Feder, Esq is a business deal and litigation attorney, real estate broker and business advisor in New York, and has served as attorney, executive, director, officer and co-founder of numerous cannabis businesses throughout the cannabis industry since 2013. David provides full-service advisory, strategy and project management services in the regulated cannabis, cannabinoid and psychedelic business industries guiding clients from initial concepts through completion.
As the founding Member of Weed Law, LLC, a full-service cannabis advisory, David assists clients with evaluating and preparing competitive cannabis license applications, transactions, deal structuring, contracts, real estate, compliance, due diligence and dispute resolution. David is also a licensed real estate broker, assisting clients with the sale, lease, acquisition of cannabis compliant New York real estate.
Newsteam at Highly Capitalized are some of the most experienced writers in cannabis and psychedelics business & finance. We cover capital markets, finance, branding, marketing and everything important in between. Most of all, we follow the money.
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