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The New York Story of Cannabis
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In this episode of Qredible Live, host Brian Fitzpatrick sits down with a special guest, Herb Barbot, the former and first Director of Operations for the New York State Office of Cannabis Management. Herb shares his extensive experience in cannabis regulation and his unique insights into the challenges and opportunities within the cannabis industry, specifically in New York.
Key Topics Covered:- Herb’s Background: Herb discusses his legal background in healthcare and his transition to operational leadership, focusing on his time at the New York State Office of Cannabis Management.
- The Cannabis Landscape in New York: Herb provides a detailed overview of the evolving cannabis landscape, including the challenges New York has faced in rolling out legal cannabis dispensaries and regulating the market.
- Growth and Challenges in Cannabis Regulation: Discussion on the slow initial rollout of legal dispensaries, the balance between regulation and empowering businesses, and the ongoing battle with illicit cannabis shops in New York City.
- Cannabis Regulation and Enforcement: Herb highlights the struggles with enforcement due to unclear legislation and the state's efforts to address illicit operations.
- The Role of Social and Economic Equity: Herb explains how New York has prioritized social and economic equity in its licensing process, ensuring that a significant portion of licenses are issued to those from historically marginalized communities.
- The Future of Cannabis in New York: Predictions on the future of cannabis in New York, with an emphasis on the potential for rapid growth as the industry stabilizes.
- 213 dispensaries currently operating in New York, with an expected increase to 220 by the end of the day.
- Over 1,100 licenses have been issued across the supply chain.
- New York's cannabis industry has grown from $160 million in sales in 2023 to $700 million year-to-date in 2024.
- The state anticipates the cannabis market will reach $4-5 billion in the next few years.
For more insights, listen to the full episode and check out Herb’s podcast Joint Session for in-depth discussions on cannabis regulation in New York.
Next Week’s Broadcast: Tune in for another exciting episode of Qredible Live as we explore more industry topics!
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