On Sept 12, 2023 the NY Cannabis Control Board adopted revised adult-use regulations and approved to accept applications to license cannabis businesses in New York.
- Available Licenses: Cultivator, Processors, Distributors, Microbusiness, Retail, and Registered Organizations (Vertical for Medical & Adult-Use).
- Application Fee is $1,000 non-refundable and $10,000 for Registered Organizations
- Application Period Opens October 4, 2023 for 60 days
- Social and Economic Equity (“SEE”) Applicants will receive a 50% reduction in application fee ($500), and be provided access to technical training and business development.
- SEE Applicants include:
- individuals from communities disproportionately impacted by the enforcement of cannabis prohibition
- minority-owned businesses
- women-owned businesses
- minority and women-owned businesses
- distressed farmers
- service-disabled veterans
- Applying as a SEE applicant is optional and NOT mandatory.
“Under the regulations approved Tuesday, there will be eight different classes of cannabis businesses: plant nurseries, cultivators, processors, cooperatives, distributors, dispensaries, delivery services and microbusinesses.
Microbusinesses will be permitted the latitude to grow, process and sell their own marijuana in small quantities of about 500 pounds per year. Microbusinesses and dispensaries are the only two facilities permitted to apply for on-site consumption permits. The regulations further defining on-site consumption have not yet been developed.
Additionally, antimonopoly rules have been put into place preventing anyone from holding a license for a retail shop alongside a license for a producer.
Investors can have a non-controlling interest in multiple licenses and a controlling stake in once license, but they cannot invest in both retail and production.
Priority status and speedy processing of applications from people impacted by prior prohibition, minority and women-owned businesses, distressed farmers and service-disabled veterans was also codified.”