New York regulators announced this week that the state is doubling the number of cannabis retailer licenses, increasing the total number of conditional adult retailer (CAURD) licenses for recreational marijuana outlets from the originally planned 150 to 300. announced that it will be The new licenses will be selected from an existing pool of eligible business applicants and will be issued pro rata throughout New York, doubling the number of licenses in each of the state’s 14 regions.
In a statement released on Tuesday, the Cannabis Control Board and the Cannabis Control Agency announced that increasing the number of licenses “will further advance the Seed Opportunity Initiative in New York State.” By non-profit organizations that provide services, including assistance, to those most affected by cannabis prohibition, or those previously incarcerated. ”
“This expansion will allow more entrepreneurs to join the first wave of this industry and take advantage of the growing demand for cannabis products,” said Tremaine, chairman of the Cannabis Control Board. Wright said. “As more companies enter this market, innovation and competition will increase, leading to a higher quality experience for consumers. It will be profitable.”
New York Cannabis Authority (OCM) has received approximately 900 applications for CAURD licenses from prospective business owners. To date, the Cannabis Control Board has issued 66 interim CAURD licenses for him, with the first shop opening his late December. In April, OCM asked the board to grant retail dispensing licenses in her five districts of the state to the Board for most of the state’s remaining applications not affected by her November court injunction. make recommendations.
$200 Million Fund to Support New York Licensees
The CAURD program, which provides licenses to individuals working in the judiciary, initially allowed up to 150 companies to obtain interim CAURD licenses. This commitment was strengthened through the establishment of the New York State Social Equity Cannabis Fund, a $200 million public-private partnership that provides 150 licensees with refurbished, ready-to-open retail locations. OCM is the first of its kind in the country, with the fund designed to help reduce the barriers that independent entrepreneurs face in raising capital to start a business in the cannabis industry. characterized as
“Doubling the amount of conditional adult-use dispensing licenses available will help drive growth for New York’s cannabis industry,” said OCM chief executive Damian Fagon. More money means more places for New York farmers to sell their produce, more convenience for New York customers to make the right decisions and buy safer, legal products It means New Yorkers are twice as likely to be harmed by over-policing during the ban.”
In December, OCM announced that CAURD licensees would also be allowed to secure their own offices without seeking support from social equity funds. The first 150 approved her CAURD licensees will receive priority resources if they choose a fund-supported location. Applicants selected for an additional 150 of her CAURD licenses announced this week will be given access to the remaining funding resources.
“New York is doing something special when it comes to launching the cannabis industry, and is now doubling down on the impact of its conditional adult retail store program,” said Chris Alexander, Executive Director of the Cannabis Authority. I’m here. “It’s really exciting to see the positive energy around our efforts to help entrepreneurs who were previously afflicted at the hands of New York State. We will continue to create real opportunities for qualified applicants who have been barred from the market.”
Michelle Bodian, partner at cannabis and psychedelics law firm Vicente LLP, said Thursday’s announcement offers new opportunities for entrepreneurs aspiring to break into New York’s cannabis industry.
“By doubling the number of CAURD licenses available, we are significantly changing the formula for prospective CAURD applicants,” Bodian wrote in an email. high times“With only a limited number of licenses granted to date, this expansion provides significant first-mover advantage for the remaining approximately 230 licenses to be granted.”