New York Cannabis Market
The cannabis consultants at Point Seven Group are experts in the New York cannabis market. We have successfully helped our clients obtain cannabis licenses, design dispensaries, build identifiable cannabis brands, and operate compliant cannabis businesses. Our team of cannabis experts can help you reach your business goals in the New York cannabis market!
WHAT IS NEW YORK'S CURRENT CANNABIS MARKET STATUS?
Much of the regulatory framework for New York's adult-use cannabis program is still under development and, while there is no established start date for an application submission, it is expected that the OCM will release application and submission guidance during the Summer of 2022.
ADULT-USE CANNABIS IN NEW YORK
On March 25, 2021, lawmakers finalized legislation to legalize adult-use cannabis in New York. The state will allow home delivery, cannabis consumption sites, and personal cultivation of up to six cannabis plants (three mature, three immature) in the home, indoors or outdoors. The legislation also established the Office of Cannabis Management (OCM), the New York cannabis regulatory body implementing a comprehensive regulatory framework that will cover medical marijuana, adult-use cannabis, and cannabinoid hemp, and the Cannabis Control Board, the approval and oversight body of the OCM. The OCM will be responsible for issuing adult-use cannabis licenses in New York for cultivators, nurseries, processors, distributors, cooperatives, microbusinesses, dispensaries, delivery operators, ROs, and consumption sites. Since the passing of this legalization initiative in New York, eager entrepreneurs are preparing for a competitive licensing and application process throughout the State, although licensing is not anticipated to open for cannabis business applicants until the end of 2022.
MEDICAL MARIJUANA IN NEW YORK
ADULT-USE CANNABIS MARKET PROJECTIONS IN NEW YORK
According to Marijuana Business Daily, the New York cannabis market has the potential to quickly become one of the largest in the world, projecting $2.5 billion in annual sales by its fifth full year.
The establishment of the adult-use cannabis market in New York will create approximately 60,000 jobs, generate $350 million in annual tax revenue for the state, and outline plans to reinvest a portion of the revenue into the communities disproportionately impacted by the prohibition of cannabis.
NEW YORK CANNABIS NEWS
NEW YORK CANNABIS LAWS
In July 2014, Governor Cuomo signed into law the Compassionate Care Act allowing patients with specific qualified conditions the use of medical marijuana to alleviate symptoms. New York’s medical marijuana program regulations only allowed the use of non-smokable cannabis products; prohibited patients from growing at home; and heavily limited the number of dispensaries. On July 29, 2019, decriminalization and expungement efforts were increased when Governor Cuomo signed A08420/S06579 into New York law. Under the new legislation, previous cannabis possessions, arrests, and convictions for amounts of two ounces and less were automatically expunged, including those that occurred prior to decriminalization. Additionally, fines for possession of one ounce (28 grams), or less were lowered from $100 to $50. Possession of up to two ounces (56 grams) was also lowered from a misdemeanor to no more than a $200 fine.On March 31, 2021, Governor Cuomo signed legislation S.854-A/A.1248-A legalizing adult-use cannabis in the Empire State! This law also expanded New York’s existing medical marijuana and cannabinoid hemp programs. Regulations for the adult-use cannabis program have not yet been released by the OCM, the new independent agency operating as part of the New York State Liquor Authority that is responsible for regulating the adult-use cannabis market as well as the existing medical marijuana and hemp programs. The OCM is overseen by a five-member Cannabis Control Board.
NEW YORK HEMP LAWS
The State of New York is emerging as a potentially significant producer of commercial and industrial hemp on the global market. Hemp is already generating nearly $600 million per year in sales nationally and has the potential to significantly increase in the years to come.
The New York Hemp Licensing Program has currently registered 99 processors, 537 cultivators, 19 combined cultivators and processors, and over 25,000 acres of farmland in hemp production.
The Department of Agriculture and Markets is now accepting applications from individuals or businesses interested in conducting research related to the cultivation of industrial hemp. Additionally, the Department of Health is now accepting applications for Cannabinoid Hemp Retail Licenses, Distributor Permits, and Processors Licenses.