StaffAugust 29, 2023
The law has support from the Real Estate Board of New York but plenty of opposition in the real estate community.
New York City Archives - Green Market Report
StaffAugust 29, 2023StaffJune 22, 2023
This story was republished with permission from Crain’s New York and written by Nick Garber.
When city inspectors find an unlicensed shop selling cannabis, cigarettes or other tobacco products, the city could issue a warning to the shop’s landlord. If a subsequent inspection turns up more illicit sales, the landlord could be fined $5,000, followed by $10,000 for any subsequent violations, the bill says.
“By holding landlords accountable for knowingly enabling these illegal activities, we can restore the trust and security that our residents deserve,” Lynn Schulman, the Queens Council member who sponsors the bill, said in a hearing last week.
The wave of illegal weed shops— numbering 1,200 earlier this year—has compromised the state’s sluggish rollout of its legal cannabis retail program, which has resulted in only 15 shops thus far. The illicit sellers, besides competing unfairly with the legal retailers, have also been known to sell contaminated products and rely on cash-only transactions, resulting in lost sales tax revenue and frequent robbery attempts, Schulman said.
The city has continued filing similar suits since then, court records show, including at least four complaints within the last month targeting smoke shops and their landlords in the East Village and Hell’s Kitchen. A spokesperson for Bragg said Thursday that the office has “ongoing investigations” into a number of stores, and is contacting landlords to educate them about the unlicensed cannabis market and ways to evict illegal tenants.
The council bill also comes weeks after state lawmakers took their own step toward cracking down on illicit weed shops. A provision in the state budget will allow the state’s Office of Cannabis Management to levy heftier fines to illegal sellers—up to $20,000 per day—and seize paraphernalia from unlicensed shops.
Hochul on Thursday announced the first results from those new enforcement powers, saying the state had seized nearly $11 million worth of cannabis since early June, through inspections of 33 shops in New York City and upstate.
Officials hope that this beefed-up enforcement will prove more effective than the city’s efforts so far, with smoke shops often reopening just days after being raided by the sheriff’s office.
The state’s reforms were somewhat belated, coming two years after New York legalized recreational marijuana.
StaffMay 16, 2023
Gotham, a new cannabis dispensary, opened in the East Village near the Bowery.
StaffApril 21, 2023
New York City celebrated its first legal 4/20 celebrations, with 25 different events listed on Event Brite. We checked out a few.
Washington Square Park in the heart of Greenwich Village became the de facto festival as numerous unlicensed operators sold their wares, and consumers enjoyed the lovely spring weather. Then it was on to the Standard High Line Hotel where Sackville had a pop-up shop for the more well-heeled partiers.
Lastly, we headed to The House of Cannabis Museum in Soho. A great party was happening in the penthouse while the rapper A Boogie Wit da Hoodie performed on the first floor.
Video StaffApril 17, 2023
Green Market Report visited The House of Cannabis this month, which is billed as the first-ever permanent home celebrating “high culture” and its impact on music, art, fashion, social reform, and cultivation.
Ten mind-bending, immersive experiences created by artists and filmmakers transport guests through the many dimensions of cannabis culture. A 30,000-square-foot historic cast-iron building is home to this new destination at the iconic intersection of Howard and Broadway.
The space also features a private lounge and a ground-level gathering space featuring community events, a café, a corner store, live glassblowing, and a curated assortment of cannabis-inspired lifestyle products.
Debra BorchardtFebruary 17, 2023
Slideshow of the competition for legal cannabis in Manhattan.
StaffOctober 10, 2022
While running a smoke shop can be good business on its own, some retailers have tired of waiting for the ability to sell legal cannabis.
StaffJuly 13, 2022
The Daily Hit is a recap of the top cannabis business stories for July 13, 2022.
ON THE SITE
Cannabis Companies Are Digging Deeper Into Fintech
LeafLink is diving deeper into the world of payments. It’s an area that has bedeviled the industry as the large banks and credit card companies won’t work with the cannabis industry. LeafLink is mostly known for its wholesale cannabis platform, but now its expanded its payments suite to include Direct Payments for customers in six states. LeafLink’s Direct Payments solution is now in Colorado, California, Arizona, Massachusetts, Ohio, and Nevada. Read more here.
Decibel Expects Revenue Above $18 Million In Second Quarter
Decibel Cannabis Company Inc. (TSX-V: DB) (OTCQB: DBCCF) released a preliminary outlook for net revenue and Adjusted EBITDA for the second quarter, ending June 31, 2022. Decibel said it expects its revenue to be between $18.5 million and $19.5 million. The company also said it has demonstrated positive cash flow from operations in the first two quarters of 2022. Read more here.
Just How Many Dispensaries Are Already In New York City?
New York’s adult-use cannabis market expects to be immense once it reaches maturity. Various reports suggest the marketplace could earn between $1 billion and $3 billion annually in the coming years. Success will be determined, in large part, by the state’s ability to address the unlicensed market, sometimes referred to as the legacy market. States like California and Colorado have generated high sales but continue to struggle with unlicensed grows and dispensaries. Read more here.
Looking At Psychedelics For Cancer Patients Mental Health
Regardless of age, gender, class, or race, most people know someone who has battled or succumbed to the devastating effects of cancer. Many know the long journey and painful weeks or years of treatment that patients and their loved ones are subjected to. This includes both the drain on physical abilities as well as the strain on mental health. Yet, there is still little awareness regarding managing a holistic approach to cancer and patient treatment. Read more here.
IN OTHER NEWS
The Valens Company Inc.
The Valens Company Inc. (TSX: VLNS) (Nasdaq: VLNS), a manufacturer of cannabis products, reported its second quarter fiscal year 2022 financial results for the period ended May 31, 2022. “The second quarter of 2022 clearly shows that we are executing on our 2022 objectives showing both modest revenue growth in the quarter and a meaningful decline in both cash burn and SG&A expenses. This is expected to accelerate in future quarters as the majority of cost savings from our Integration Initiatives have not been fully realized as these initiatives were executed part way through Q2 and into Q3 2022” said Tyler Robson, Chief Executive Officer of The Valens Company. Read more here.
Terranueva Corporation
Terranueva Corporation (CSE: TEQ) announced the closing of a non-brokered private placement of second rank convertible debentures for an aggregate gross principal amount of $2,950,000 paid in cash and bearing an interest rate of 5% per annum. The principal amount and interest are payable in five years, namely at the maturity of July 12, 2027, and the principal amount is convertible at any time until July 13, 2025, at the option of the holder, into voting common shares of the share capital of Terranueva at a conversion price of $0.08 per common share. Read more here.
Icanic Brands Company Inc.
Icanic Brands Company Inc. (CSE: ICAN) announced today that the Supreme Court of British Columbia has issued an interim order authorizing, among other things, the holding of a meeting of holders of 9.00% secured convertible debentures, to consider and vote upon a plan of arrangement to implement the previously-announced recapitalization transaction. Read more here.
Pervasip Corp., BCCTG, LLC
Pervasip Corp. (OTC: PVSP), a developer of companies and technologies in high value emerging markets, together with Zen Asset Management today announced a new strategic partnership between BCCTG, LLC and Zen Asset Management for development of concentrates brands. As a first project, the partners agreed on licensing Dabs4Less and Vape4Less for distribution by Artizen in Washington State and other US markets. Read more here.
Optimi Health Corp.
Optimi Health Corp. (CSE: OPTI) (OTCQX: OPTHF) (FRA: 8BN), a Canadian company cultivating and synthesizing psychedelics and natural functional and psilocybin mushroom strains, announced that it has finalized a supply agreement with Bloom Psychedelic Therapy And Research Centre, a Calgary-based provider of mental health services, including psychedelic-assisted therapies employing ketamine treatments. Read more here.
Revitalist Lifestyle and Wellness, Ltd.
Revitalist Lifestyle and Wellness, Ltd. (CSE: CALM) (OTCQB: RVLWF) (FSE: 4DO), a publicly-listed chain of U.S. based ketamine wellness clinics, reported updates on strategic initiatives accomplished in June, including record breaking visits and an expansive catchment area for veterans with Veteran of Affairs benefits, to have access to Revitalist service lines across the U.S. Read more here.
Video StaffJune 6, 2022New York City Mayor Eric Adams appeared at the CWCB Expo in New York City this past weekend. The Mayor spoke briefly at the event and then walked quickly through some of the trade show floor. He stopped at the Women Grow pavilion before answering some questions from a few reporters. Green Market Report was chosen as one of the few to speak to the Mayor. Thank you for watching the Green Market Report! Be sure to subscribe to stay up to date on all our videos. Go the website to subscribe to our free newsletters.
Debra BorchardtDecember 23, 2021
Robert Lopez was ordered to stop making apparel that riffs on various famous New York City logos. Lopez was selling low-quality merchandise like hoodies, caps, and t-shirts based on well-known logos from Central Park, the Parks and Recreations Department, and even the Sanitation Department. For example, the Central Park logo features a broad leaf, which Lopez replaced with a cannabis leaf.
According to the Judge’s order, Lopez has filed for federal registration of his products’ artwork, but in the meantime, he has been ordered to stop selling the merchandise. The city also argued that with the impending legalization of cannabis in the state, many of these departments could be involved in the oversight of the cannabis program which could confuse consumers. Lopez did concede that he based his products on the city’s trademarked logos.
The judge wrote in his order, “The Court must consider the public interest and, here, a preliminary injunction would serve the public interest. There is a strong interest in preventing consumer confusion and protecting federally registered trademarks.”
Lopez was using the name NYC New York Cannabis and was operating a retail store located at 40 Clinton Street, New York NY 10002. Plus, online stores at www.lesclothing.com and www.nyc-cannabis537.nyc, and was using social media accounts, including Facebook (L.E.S. Clothing Co and @lesclothngco) and Instagram (nyc.cannabis.537 and nyc_cannabis_537), to promote, offer and sell goods and services to consumers in the United States, in New York and this judicial district bearing marks that infringe upon the City Trademarks.
The city filed suit against Lopez back in September when Lopez began selling apparel featuring a Department of Sanitation logo altered to read “Department of Cultivation,” and a Department of Transportation logo that reads “New York Cannabis,” among others. He was asked to stop by the city but he refused by claiming it was a parody. The city has sued other individuals and companies in the past and has won almost every case.
Lopez’s company borrows heavily from other famous logos like Jean Michel Basquiat’s crown image, the Olympic rings, and the NFL logo. The cannabis products no longer appear on the website, but it does say that it gives away “promotional cannabis” with the purchase of an item in the store.
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