Cannabis Farmers Face Setback as Relief Fund Stalls in New York
Despite advocacy from Assemblywoman Donna Lupardo and Sen. Michelle Hinchey, the 2024 state budget will not include the proposed Cannabis Farmer’s Relief Fund. This decision leaves many farmers grappling with significant financial losses, a situation exacerbated by the limited number of retail outlets available for selling their products in 2022 and 2023.
The market is flooded with unsold cannabis due to an oversupply and insufficient retail avenues to distribute the product. New York’s legal cannabis sector, expected to be among the nation’s largest, has instead been marked by frustration and financial hardship.
Farmers have cultivated vast quantities of cannabis, enough to supply 1,500 stores, yet face a reality of barely 50 legal dispensaries open for business. This mismatch has left approximately 250,000 pounds of cannabis unsold, representing a critical loss in revenue and potential tax income for the state.
