Seth Jacobs has about 100 bins packed with marijuana flower sitting in storage at his upstate New York farm.
, Brittany Carbone, co-founder of Tricolla Farms, said the stock they’re sitting on includes 1,500 packs of pre-rolled joints and about 2,000 packs of edibles.
The lack of sales is a particular problem for small farmers who stretched themselves thin financially to produce last year’s crop and now need capital for their second year., whose brand is Bud & Boro, said he won’t grow plants for distillate this year because of the backlog. Carbone said they are planting on less than the acre they’re legally allowed and are holding off on infrastructure investments, like hoop houses to help with growing.
The fund was supposed to consist of up to $150 million in private investment. But state Dormitory Authority spokesperson Jeffrey Gordon declined to say whether any private money had been invested yet, saying in an email only that “work to raise private capital is ongoing.
The Office of Cannabis Management has taken recent steps to boost demand, including the provisional approval last month of 50 new dispensary licenses. And plans are in the works for that would allow groups of growers to join with retail licensees to sell their cannabis at places other than stores, like at a farmers’ market or a festival.
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