New York City Mayor Eric Adams said the Big Apple is suing four unlicensed cannabis stores and sending letters warning of potential eviction to 400 smoke shops as the city cracks down on illegal marijuana businesses. Adams said Tuesday he’s teaming up with Manhattan District Attorney Alvin L. Bragg to file suit against four shops that were allegedly selling cannabis to people under the age of 21 in an effort to shut them down. The D.A. also mailed letters to more than 400 smoke shops in Manhattan to warn them of potential eviction for selling cannabis without a license. New York City currently has two legal adult use dispensaries, with a third planning a soft opening next week. “Advocates fought hard to put racial equity at the center of New York’s cannabis legalization regime,” said D.A. Bragg. “We want to give New York’s legal cannabis market a fair chance to thrive and give New Yorkers the security of knowing that a safe, orderly system is in place for cannabis dispensaries.” The AdvisorShares Pure U.S. Cannabis ETF MSOS, -1.87% is down 2.3% in 2023, compared to a 15.7% increase by the Nasdaq COMP, +1.90%.
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