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.

Both state and city budget forecasters have projected that sum, but at the current pace of just 12 retail locations opening annually, it will take the city until 2032 to reach that sales figure, or $38 million in cannabis tax revenue, the IBO found. The city is on pace to collect $4 million in cannabis ...