BOSTON GLOBE: MARIJUANA LEGALIZATION IN NEW YORK
The Boston Globe covers the recent cannabis legalization in New York state and explores how this could affect a Massachusetts recreational dispensary like Theory wellness.
BOSTON GLOBE: With marijuana legal in New York, and other states close behind, will Mass. dispensaries along state borders survive?
“It was a good run while it lasted.
When Massachusetts voters passed Question 4 in 2016, the state became an oasis of legal marijuana on the East Coast, surrounded by neighbors that prohibited the drug entirely or only allowed its medical use. Today, total pot sales are approaching $1.5 billion.
But with New York legalizing cannabis late last month, the first recreational shops now ringing up customers in Maine, Vermont recently authorizing commercial sales, and Rhode Island and Connecticut lawmakers poised to establish regulated marijuana markets in their states, our early-mover advantage is rapidly evaporating.
That could mean trouble for many of the 130 recreational marijuana stores operating in Massachusetts. Other than clusters of shops around the population centers of Boston and Worcester, nearly all other cannabis retailers are located on highways within quick striking distance of the state’s borders. On weekends, their parking lots are packed with cars bearing out-of-state plates. While regulators don’t track where marijuana buyers live, several operators said the majority of their revenue comes from out-of-staters on pot pilgrimages, not Bay Staters.
Meanwhile, competition within the state is also set to increase, with more than 160 additional stores currently moving through the Cannabis Control Commission’s licensing pipeline.
“New York isn’t ready for this at all,” said Brandon Pollock, chief executive of Western Massachusetts-based marijuana operator Theory Wellness. “You’re probably looking at three years minimum before customers have anything like a competitive marketplace there.”
In Massachusetts, two and a half years after the first legal pot sales — and despite a substantial increase in the pace of licensing — the state’s cannabis industry remains relatively immature. Prices are stubbornly high and selection is often meager, thanks to steep taxes, a grueling and expensive approval process for new pot facilities (especially at the local level), and a limited wholesale supply of lab-tested marijuana flower, edibles, vapes, and other products. As a result, many marijuana consumers still frequent the vast and far cheaper illicit market.”
To read the full story visit The Boston Globe story below.
About Theory Wellness:
Theory Wellness is an East Coast medical and recreational cannabis brand; we cultivate cannabis, operate extraction labs, manufacture infused marijuana products, and proudly serve patients and customers at our marijuana dispensaries in Massachusetts and Maine.
Our focus is on small batch, craft cannabis that we cultivate using sustainable techniques on our outdoor cannabis farm and at our state-of-the-art indoor gardens. We run unique genetics to develop in-house premium products that include flower, concentrates, edibles, and an array of infusions for medical and recreational consumers in New England.
Throughout our work, we remain committed to expanding the science of cannabis, and creating the future we want to see in the emerging marijuana industry through social justice, sustainability, and research.
If you’re thinking to yourself, where is the nearest recreational dispensary near me or medical marijuana dispensary near me, look no further. Theory Wellness operates medical and recreational cannabis dispensaries in Maine and Massachusetts that offer various cannabis products to meet your needs. If you are looking for our Maine recreational marijuana dispensary locations, click here. If you are looking for Massachusetts marijuana dispensary locations, click here.
To learn more about our operations, follow-us on Instagram @TheoryWellness.