On July 19th, the New York Cannabis Control Board (“Board”) held their meeting to discuss several important agenda items, including the expansion of New York’s adult-use market. Once the public comment period ends on July 31st, the Board will be busy as they will have until September to not only finalize all regulations adopted, but also approve applications and respective scoring parameters for the new registered organizations during this period. Further in September, the Office of Cannabis Management (“OCM”) will release the Application Information and Application Guide, so it is accessible for those interested in applying.
Starting in October 2023, the OCM will open the application for interested applicants to submit their applications for cultivator, processor, distributor, microbusinesses, or retail dispensary licensing. After the application period opens in October, the OCM will continue conducting ongoing reviews of applications and licenses, with the issuance of licenses commencing and continuing indefinitely.
Additionally, during the July 19th meeting, the Board approved of an additional two hundred and twelve (212) Conditional Adult-Use Cannabis Retail Dispensary (“CAURD”) licenses, totaling the number of CAURD licenses to now four hundred and sixty-three (463) in the “Empire State.” Licensed Cultivators are hoping this will be a solution to their surplus of flower they have been storing as they have only been able to supply flower to the only twenty (20) licensed retail dispensaries currently open.
Further, the Board approved of the “Cannabis Growers Showcase,” which is an event for which an application can be submitted to allow licensed cultivators, processors, and retailers to be able to showcase their products at events throughout the state. This first-in-the-nation initiative is setting the precedent for other states in its allowance of licensed sales outside of dispensaries. Each event will feature a minimum of three (3) Adult-Use Conditional Cultivators partnering with a licensed Adult-Use Dispensary to sell licensed and strictly tested cannabis products to customers. Further, for every three (3) Cultivators with an Adult-Use Retailer selling products at this event, one (1) licensed Processor will be able to see their value-added products such as edibles, vape cartridges, and drinkables. Such events can only be held in municipalities that allow for retail cannabis sales, also with a predominantly adult population.
According to Forbes, New York is anticipated to become the country’s second largest marijuana market with legal sales projected to reach $4.2 Billion in five (5) years. With the October application window fast-approaching, now is the time to work with a Team of experts to guide you through the ins and outs of the complex application process. Contact our Team today to discuss your options!