New York issued its first 36 cannabis dispensary licenses
New York Dispensaries are now set to open sooner than later, with the Cannabis Control Board taking a monumental step in establishing a legal and lucrative marketplace for recreational marijuana.
The licenses approved by the state’s CCB were the first the state plans to issue. Many licenses in the first round were reserved for applicants with past convictions for marijuana offenses. Over 900 applicants were in the application pool, and the board plans to issue 175 licenses.
New York has also planned a $200 million public-private fund. This fund is aimed to aid “social equity” applicants to help redress the ravages of the war on drugs, especially in communities of color.
“Today is a monumental day for New York’s nascent cannabis industry. With the first adult-use retail dispensary licenses in the hands of businesses and eligible nonprofits, we’ve ensured the first sales will be made at dispensaries operated by those impacted by the unjust enforcement of cannabis prohibition,” said Tremaine Wright, the chair of the Cannabis Control Board.
When can we expect New York Dispensaries to Open?
Some of the newly approved New York Dispensaries have expressed a goal to open by the end of the year. A short turnaround time, but these businesses have been preparing since New York voted to legalize Marijuana in March 2021.
The Next Round of New York Dispensaries
A court ruling has delayed the board from approving dispensaries in some parts, amid legal disputes over licensing criteria. Nevertheless, officials said they would issue the remaining licenses as quickly as possible.
With the first licenses now issued, it remained to be seen whether officials would step up their efforts to go after scores of unauthorized dispensaries opened in the past year by people who shrugged at licensing requirements.
What’s next for cannabusinesses…
With these businesses being approved, it is only time that the next ones get approved too. To prepare your cannabusiness for the future, or to improve your cannabusiness and take advantage of this growing market while you have the chance, WJ Media group offers extensive cannabis marketing options. WJ Media group also offers consulting for your business in production, finding a retail location, SEO, Web Development, Social Media Management, and more. We are located in Central New Jersey but have clients all over the country. Feel free to reach out any time to learn more about how we can further your cannabis business.