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NYC Pot-Tax Revenue Runs Below Forecasts as Store Openings Stall

Summary by Ground News
New York City will have to double the number of legal cannabis dispensaries it opens a year to hit budget projections of $950 million in annual taxable sales by 2027. At the current pace of just 12 retail locations opening annually, it will take the city until 2032 to reach that sales figure. The city is on pace to collect $4 million in cannabis taxes in fiscal 2024.
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bloombergtax.combloombergtax.com

NYC Pot-Tax Revenue Runs Below Forecasts as Store Openings Stall

New York City will have to double the number of legal cannabis dispensaries it opens a year if it wants to hit budget projections of $950 million in annual taxable sales by 2027, according to a new report by the city’s Independent Budget Office.

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bloombergtax.com broke the news in on Thursday, August 24, 2023.
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