With the New York State Cannabis Control Board’s recent approval of the state’s general adult-use cannabis regulations, the floodgates are officially opening for New York’s recreational marijuana license market. This is big news for legacy partners, entrepreneurs, and businesses looking to get in on the ground floor of what is projected to be a multi-billion-dollar state industry.
Applications for adult-use cannabis retailers, cultivators, manufacturers, and other license types will open on October 4th, creating fresh opportunities for businesses not qualifying for the original CAURD licensing program. It is currently unknown what will happen to the CAURD program. Still, previous CAURD applicants can now re-apply for general licenses if they were prevented from operating under the initial regulations.
Securing a viable physical location will be crucial for retailers, as the Office of Cannabis Management will prioritize retail license applications from businesses with confirmed site control of their proposed store. Put simply, it is a huge advantage to have your real estate secured and vetted in this process.
The Cannabis Control Board will also start accepting applications for new Registered Organizations (ROs) to facilitate vertically integrated cannabis operations in NY. Though the exact date is still unconfirmed, it is assumed applications for ROs will also open on October 4th.
It is vital to prepare now if you want a license to enter New York’s expanding adult-use market. Skip Intro Advisors’s legal partner, Feldman Legal Advisors, has extensive experience working with NY’s ever-changing cannabis regulatory environment. We are eager and qualified to guide you on crucial NY cannabis legal matters, such as:
- Real estate and local compliance
- Raising capital and investment terms
- Business entity structuring
- Corporate governance and partnerships
- Licensing and regulatory nuances
- Priority eligibility qualifications
This is a complex industry that presents unique challenges at every turn. Don’t go alone. If you have any questions, reach out to our team.
We look forward to helping you navigate the opportunities opening in NY’s cannabis market.
