Why Weed Going Legal In NYC Caused A ‘Gray’ Market Boom

In the densely populated Tri-State area of New York, New Jersey and Connecticut, the rollout of legal weed has been called slow and cumbersome, allowing for the proliferation of “gray” market storefronts and businesses to sell marijuana without going through the regulatory process.
As the tri-state metro prioritizes the equitable upbringing of the cannabis industry via social equity applications, councils and funds, several hurdles to entry have limited the number of legal dispensaries able to open and begin business.

Correction: At 03:56, this video mischaracterized the status of New Jersey’s home cultivation laws. Bill S353, which legalizes growing or possessing up to six marijuana plants for personal recreational use, is currently pending technical review. Current state law prohibits personal cultivation, and is punishable by 5 years in prison.

00:00 – Introduction
03:06 – Illicit market thrives
05:34 – Social Equity Applicants
08:11 – Pushbacks to legal recreational marijuana
09:18 – What’s next?

Produced by: Christian Nunley
Edited by: Dennis Donovan
Graphics by: Alex Wood
Camera by: Christian Nunley, Brad Howard, Jeff Morganteen
Supervising Producer: Jeff Morganteen
Production Support: Stefan Sykes

» Subscribe to CNBC:https://cnb.cx/SubscribeCNBC
» Subscribe to CNBC TV:https://cnb.cx/SubscribeCNBCtelevision

About CNBC: From ‘Wall Street’ to ‘Main Street’ to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more.

Connect with CNBC News Online
Get the latest news:https://www.cnbc.com/
Follow CNBC on LinkedIn:https://cnb.cx/LinkedInCNBC
Follow CNBC News on Facebook:https://cnb.cx/LikeCNBC
Follow CNBC News on Twitter:https://cnb.cx/FollowCNBC
Follow CNBC News on Instagram:https://cnb.cx/InstagramCNBC


Why Weed Going Legal In NYC Caused A ‘Gray’ Market Boom

Leave a Reply