New York’s cannabis regulator last week launched an accelerator program for owners of recreational marijuana outlets, offering new support to entrepreneurs in the state’s emerging cannabis industry.Under a new program announced by the New York Office of Cannabis Control (OCM) on Friday, the state’s conditional adult retailers (CAURD) license holders are entitled to training and services to help grow their business.
The launch of the accelerator program follows a months-long search by state officials for an organization with proven expertise in retail cannabis education and the ability to deliver focused acceleration to licensees statewide. is. The search led to Our Academy, a minority, women-led nonprofit that trains cannabis social equity entrepreneurs in cannabis states nationwide.
Our Academy co-founder and executive director Hilary Yu said in a statement from OCM on Friday: “Since starting this job four years ago, we have worked with many cannabis strain applicants, operators and others affected by the war on drugs.The most promising market.”
First retail dispensing license awarded last year
New York will legalize cannabis for adult use in 2021, and the first recreational marijuana dispensary opened in Manhattan late last year. announced that the first Conditional Adult Retail Store (CAURD) licenses will be issued to the companies it leads and organizations that serve individuals involved in the judiciary.
Successful applicants will receive assistance from the $200 million Social Equity Cannabis Investment Fund created to help finance the leasing and equipment of up to 150 recreational marijuana dispensaries statewide. OCM awarded her her first CAURD license in November, and earlier this month, OCM announced that she was doubling her number of CAURD licenses for a total of 300.
“The State of New York is committed to providing CAURD licensees with the tools they need to succeed in this market. “We are here to make sure that you are ready to launch and thrive,” said Tremaine Wright, chairman of the Cannabis Control Board. A special thank you to Our Academy for creating a business resource program aimed at helping us get ready to do business in the New York cannabis market.”
Only CAURD licensees have access to this CAURD accelerator program run by our academy. The first 175 licensees will be divided into two 20-week cohorts and receive comprehensive training in cannabis retail operations, finance and marketing. The program will consist of 41 intensive live workshops covering the process of setting up and managing a profitable cannabis retail store.
“The name of the game here is enduring success for entrepreneurs,” said Chris Alexander, executive director of the Cannabis Control Authority. “Our partnership with the Academy will prepare licensees not only to run successful cannabis businesses, but to become enduring leaders in establishing the New York state cannabis market.”
CAURD licensees enrolled in the Accelerator Program have access to digital records of all 41 Our Academy workshops, as well as other learning tools developed by the organization. Entrepreneurs have access to her two workshops per week. These workshops consist of recorded courses, workbooks with lesson plans, and online quizzes. Licensees also receive resources such as standard operating procedure plans and customized financial documents.
CAURD Accelerator Program participants must have mentors with experience opening or operating one or more licensed cannabis outlets, experience financing a marijuana business, or managed a licensed delivery operation. A mentor is also provided. Additionally, five expert consultants will host weekly office hours for all program participants in key areas of finance, operations, compliance, and marketing.
“The CAURD Accelerator Program is a reflection of the Secretariat’s commitment to the success of retailers impacting justice,” said Damian Fagon, Chief Executive Officer of OCM. “By giving New Yorkers the tools they need to build and grow successful businesses, we can create opportunities for economic mobility, social equity and community empowerment.”