Wall Street Says BUY GOLD, But...

While markets wobble, gold keeps smashing records-and banks say it's just beginning. Goldman urges "buy gold" to hedge trade wars; JPMorgan plans $6,000 an ounce and just took delivery of $4 billion in bullion. Yet past bull runs saw 13x-1,000x bigger gains without buying more gold.

Is Mayor Adams' Crackdown On Illegal Cannabis Working? NYC Council Weighs In After 1,000+ Store Closures

Franca Quarneti
September 17, 2024

New York City is intensifying its efforts to curb illegal cannabis sales as a City Council committee meets today, Sept. 17, to assess the impact of Mayor Eric Adams“Operation Padlock to Protect.”

Launched in May of 2024, the initiative grants law enforcement the authority to inspect smoke shops and cannabis retailers, padlocking any stores found selling illegal cannabis.

See Also: NY City Council To Hochul: Stop Cannabis Buffer Zone Loosening Because ‘It Encourages Illegal Sales’

Authorities have shuttered 210 stores in the Bronx alone under the program, including Family Deli on East Tremont Avenue, where they confiscated over 170 pounds of cannabis, News12Brooklyn reported.

Mayor Adams recently confirmed that by the end of August, officials had sealed 1,000 illegal cannabis shops citywide.

Operation Padlock’s Impact On Legal Cannabis Businesses

Operation Padlock has been a game-changer for licensed cannabis retailers in New York. Many shop owners reported a substantial increase in sales after the crackdown began.

According to statements made to Governor Kathy Hochul’s office, legal cannabis businesses experienced a 72% rise in sales within three months of the operation’s launch.

Licensed cannabis operators have long struggled to compete with unlicensed retailers that have been able to undercut prices. By shutting down illicit businesses, the city is helping to level the playing field for those following the rules.

Next Steps For Operation Padlock

The City Council will review the overall effectiveness of Operation Padlock, focusing on how authorities store and dispose of seized products. As enforcement continues, the city hopes to prevent illegal businesses from reopening under different names or in new locations.

City officials encourage New Yorkers to report concerns about illegal cannabis sales to the 311 hotline. Still, some question the legality of the proceedings.

Read Next:

  • New York’s Legal Cannabis Market Surpasses $500M After Crackdown On Illegal Shops
  • Unlicensed Cannabis Sellers Fight Back, Suing NYC For ‘Unconstitutional’ Crackdowns

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