New York Governor Kathy Hochul plans to include two cannabis-related proposals in her upcoming state budget announcement, according to reports.
The specific details of the proposals have not yet been disclosed, though they're expected to be revealed when Hochul presents her full budget plan in the coming weeks.
Budget Context
New York's cannabis market has faced ongoing challenges since recreational sales launched in December 2022. The state has struggled with licensing delays, illicit market competition, and questions about tax revenue projections.
The Office of Cannabis Management has issued over 150 retail licenses to date, though many operators have reported difficulty competing with unlicensed shops that continue operating in major cities.
What's Next
Governor Hochul typically presents her executive budget proposal in mid-January. The state legislature then has until April 1 to negotiate and pass a final budget.
Any cannabis-related provisions would need approval from both the state Assembly and Senate as part of the broader budget package.
This article is based on original reporting by cannabiswire.com.
