Happy Friday everyone.
Happy Friday everyone. Remember to tune into This Week in Cannabis Live today at noon on our LinkedIn and YouTube pages.
Let’s get to it.
-JB, JR, ZH
Today’s newsletter is 1,004 words or about a 7-minute read.
💡 What’s the big idea?
NY, NY
New York projected to be a $4.6 billion cannabis market by 2028 💰
Driving the news: In his first meeting as acting Executive Director of the Office of Cannabis Management, John Kagia said the OCM expects New York’s cannabis market to hit $4.6 billion in annual sales by 2028.
The OCM predicts annual sales will hit $2.6 billion by the end of 2026, and $3.7 billion in 2027. Total sales since the market’s launch in Dec. 2022 were at $2.97 billion as of March 5.
What they're saying: "We were hoping we would be at the $3 billion mark by the end of the day, but we're a few pennies short. Somebody please go buy something today to help us hit that number," said Kagia, who awaits state Senate approval before he can drop "acting" from his title.
At the opening of the meeting, Kagia laid out his five top priorities for OCM moving forward:
Community outreach and stakeholder engagement.
Process optimization.
Regulatory refinement.
Monitoring the ever-changing federal regulatory landscape.
Benchmarking and analytics.
Also: "I've been asked about what my priorities will be as acting executive director and tried to make it clear that I'm not going to get drunk with power here. Nor do I intend to be a Chaos Agent, Kagia said
Beyond Kagia’s opener, the board approved 20 new licenses:
4 Conditional Adult-Use Retail Dispensary
2 Cultivator
3 Distributor
2 Microbusiness
5 Processors
4 Adult-Use Retail
Other business: As of yesterday's meeting there were about 127 cultivation applications from the December 2023 queue that still need to be reviewed. Kagia said that OCM expects to approve about 120 new cultivators to meet supply needs by the beginning of 2028.
The CCB voted to allow cultivators to apply to move up one tier level to increase their available canopy, while also committing to reviewing applications through the next year.
The CCB also approved an update to the state's medical regulations. Under the proposed rules patient registration would be good for two years, New York would allow out-of-state medical patients to purchase medical cannabis in-state.
Instead of just one, and it lowers the age at which patients can home grow or serve as designated caregivers from 21 to 18.
-ZH
📣 Quotable
“You took inexperienced players and basically threw them to the wolves,” New York cannabis attorney Jeffrey Hoffman told the New York Times about the ongoing challenges that social equity operators face.
Hoffman, who has helped numerous cannabis license holders open their stores, frequently speaks out about those challenges online and at Cannabis Control Board meetings.
⏩ Quick hits
Cannabis sales in Canada hit $2.5 billion during the fiscal year that ended on March 31, 2025. Alcohol sales hit $13.1 billion in the same period, but that represented a 4.2% decline, while cannabis sales increased by 11.5%.
Oklahoma Gov. Kevin Stitt is calling for a ballot measure that would ask voters to repeal medical cannabis in the state. “The marijuana industry is out of control and harming our state,” he said.
Lawmakers in West Virginia passed a bill out of committee that would allocate the estimated $38 million in cannabis tax revenue generated since the state launched its medical cannabis market. Under the proposal funds would go toward homeless services, addiction treatment funds and research into cannabis and ibogaine.
Kentucky's medical market is finally starting to get off the ground. Governor Andy Beshear announced that as of Mar. 5, the state had approved eight cultivators, eight dispensaries, two safety compliance facilities and one processor.
The 2026 Farm Bill made it out of markup Thursday morning, with the Nov. 12 hemp ban still in effect.
After years of litigation, Alabama is ready to launch medical sales in April.
🤝 Deals, launches, partnerships
High Tide and NuLeaf Naturals announced that they have joined the U.S. National Compassionate Care Council as founding members. $HITI ( ▼ 0.4% )
Better Days Delivery, a Colorado cannabis delivery service, is shutting down, owner Michael Diaz-Rivera said on LinkedIn. “Entrepreneurship in this industry will test you. It will stretch you. It will humble you,” he said.
The Beverage Alcohol Merchants Coalition (BAMCO), an alcohol industry trade group, says hemp-derived THC beverages “belong in the regulated beverage marketplace,” with age limits and oversight. Read more.
💰 Earnings roundup
Cresco Labs reported an $89 million loss on $162 million in revenue for the fourth quarter of 2025. The company noted that the quarter also included $93 million non-cash loss related to the write-down of its New York reporting unit. For the full year, the company reported a $140 million net loss on $656 million of revenue. $CRLBF ( ▲ 12.9% )
⚖️ Lawsuits
A Connecticut farmer urged the state's federal court to not dismiss his claims, asserting that the state's social equity rules violated the dormant Commerce Clause of the U.S. Constitution.
🧪 Science & research
A new study published in the American Journal of Medicine found that symptoms after the unintentional ingestion of THC edibles were often mistaken for strokes or food poisoning. The study’s authors called for better understanding of unintentional ingestion of THC for better diagnoses.
📰 What we’re reading
The push to bring CBD to Medicare | Washington Post
Washington, D.C. Shutters Suspended Cultivator | CRB Monitor News
High Schools Are Losing the Struggle to Block Pot—Even During Class | The Wall Street Journal
L.A. cannabis businesses owe $400 million. The city may only get $30 million | The Los Angeles Times