The New York state cannabis agency has approved regulations aimed at expanding the adult-use cannabis market, extending access from distressed farmers and justice-impacted individuals to a broader audience.
These regulations, passed by the state’s Cannabis Control Board, will allow new companies to enter the medical cannabis market for a $200,000 registration fee, with a requirement to reapply for the general adult market. However, the entry of current medical marijuana companies into the broader market has generated controversy, as smaller businesses view them as a threat, reports Spectrum News.
The regulations have faced criticism for allowing medical operators to enter the adult-use market, with concerns raised about their potential market dominance. The state had previously proposed a waiting period of three years for medical operators, which was reduced to one year in May.
Farmers, many in their second season of growing cannabis, are struggling due to a shortage of open shops, and some are calling for a special legislative session to codify the conditional retail license program. Only 23 legal stores are currently open across the state while illegal stores remain widespread. Meanwhile New York has halted the issuance of new licenses for cannabis stores after a judge’s decision prevented regulators from advancing with retail licensing.
The Cannabis Impact Prevention Coalition has also filed a federal lawsuit against New York and the state Office of Cannabis Management, challenging the legality of a $200 million Cannabis Social Equity Fund aimed at facilitating the opening of more marijuana retail shops.
Cannaconvo with Peter Su of Green Check Verified
Cannabis Last Week with Jon Purow interviews Peter Su of Green Check Verified. Peter Su is a Senior Vice President with Green Check Verified, the top cannabis banking compliance software/consultancy in the space. A 20+ year veteran of the banking industry, Peter serves on the Banking & Financial Services committee of the National Cannabis Industry Association. He chairs the Banking and Financial Services Committee for the NYCCIA & HVCIA. He is an official member of the Rolling Stone Cannabis Culture Council. And, he is on the board of the Asian Cannabis Roundtable, serving as treasurer.
The Global Cannabis Times Interview with Raj Grover, Part 2
The Global Cannabis Times Interview with Raj Grover, Part 1
Japan Legalizes Medical Cannabis Products, Tightens Drug Laws
MJBizCon Speakers Focus on the Challenges, Provide a Glimmer of Hope
Germany Sets 2024 for Cannabis Legalization, Eases Regulations
How Do Cannabis Pros Balance Work and Life?
Leadership, Empathy, and a Noble Cause
The Global Cannabis Times Interview with Kristi Palmer, Kiva Confections Co-Founder
Investment in the European Cannabis Industry with William Muecke & Daniel Grözinger
The first cannabis flower prescription on the NHS with Mike Roberts