New York Taking Applications for Medical Cannabis Business Licenses

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Entrepreneurs can now apply for medical cannabis business licenses in New York, kicking off a process that is expected to be one of the most competitive in the country.

The state’s health department is now accepting applications for five licenses that will allow companies to grow and sell medical marijuana. Officials plan to choose winners in the coming weeks and register companies for medical cannabis production beginning in July, according to an NBC affiliate.

Many observers estimate that it will cost $1 million or more to navigate through the licensing and tens of millions of dollars to start up their companies. Those selected will be able to cultivate medical cannabis and open up to four dispensaries apiece, for a total of just 20 dispensaries in the entire state.

Final rules for the industry were released this month and include a $10,000 application fee for every company that wants to be considered, along with a $200,000 registration fee for each of the five winners.