Following the largest cannabis conference, MJBizCon, New York’s Cannabis Control Board has announced which licenses have been approved to operate in the recently regulated cannabis space.
Thirty-six adult-use cannabis dispensary licenses were approved for operation on Monday, November 21, 2022; of which eight licenses were granted to nonprofit groups. These select thirty-six dispensary licenses were selected out of nearly one thousand applicants in the state of New York. While recreation adult-use cannabis was legalized in New York in March 2021 under the Marijuana Regulation & Taxation Act, the state has undergone a lot of review and processes to issue licenses to retailers to operate. This news comes over a year and a half after the initial legalization process and it is anticipated that the newly licensed operators will be quick to act. Some sources say that licensed New York dispensaries may be open for business as early as the end of 2022.
Social equity has been the centerpiece of the conversation on appropriate licensed cannabis operators. Of the thirty-six approved licenses, twenty-eight of those applications either had previous convictions for cannabis or were closely related to those with cannabis convictions. The goal of the New York Office of Cannabis Management is to issue 50% of licenses to equity applicants and redirect 40% of tax revenues into programs supporting the communities most impacted by disproportionate cannabis enforcement.
For more on the New York state cannabis program, visit their official website here.
For current and future applicants into localized cannabis operation programs, our MJ Freeway consulting services may reduce the confusion of applying for licenses and expedite the process of launching a new cannabis operation. We cover both retail and cultivation with licensing, applications, and launching into new and existing cannabis markets. To get started with a consultation, connect with our team here.
