New York regulators took further steps to advance the state’s upcoming adult-use marijuana market, approving application forms for retail licenses and accepting 20 more cultivation permit applications, bringing the total number of approved growers to 223.
The retail licenses are part of the state’s social equity efforts.
The permits will be awarded to New York entrepreneurs who were convicted of a marijuana-related crime or have a family member who was convicted of such a crime before the Marijuana Regulation and Tax Act was passed in March 2021, Vermont broadcaster NBC5 reported.
This is all part of the state’s Seeding Opportunity Initiative, which is intended to assist New Yorkers who were negatively impacted by the War on Drugs.
Would-be recreational marijuana retailers can apply for Conditional Adult-Use Retail Dispensary licenses through the Office of Cannabis Management.
Bloomberg reported that big companies that operate retail shops in other states will have wait to bid for the New York retail licenses.
Business leaders need reliable industry data and in-depth analysis to make smart investments and informed decisions in these uncertain economic times.
Order your 2022 MJBiz Factbook, out now!
- 200+ pages and 50 charts with key data points
- State-by-state guide to regulations, taxes & opportunities
- Segmented research reports for the marijuana + hemp industries
- Accurate financial forecasts + investment trends
Stay ahead of the curve and avoid costly missteps in the rapidly evolving cannabis industry.
The approval of the new rules means retail applications could open up as soon as next month, which keeps the state on track for sales beginning this year or early 2023.
The office of Cannabis Management announced the additional cultivation licenses via Twitter.