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!
NEW YORK CANNABIS MARKET STATUS
Much of the regulatory framework for New York's adult-use cannabis program is still under development. The first conditional adult-use retail dispensary (CAURD) opened on December 29, 2022 and the state intends to license up to 300 total. General New York dispensary licensing has yet to be announced, but it is likely that additional information will become available in the coming months.
ADULT-USE CANNABIS IN NEW YORK
On March 25, 2021, lawmakers finalized legislation to legalize adult-use cannabis in New York. The state now allows 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 covers medical marijuana, adult-use cannabis, and cannabinoid hemp, and the Cannabis Control Board, the approval and oversight body of the OCM. The OCM is currently issuing licenses for conditional adult-use retail dispensaries (CAURD).
Since the passing of this legalization initiative in New York, eager entrepreneurs are preparing for a competitive licensing and application process throughout the State. In December 2022, proposed regulations governing general retail licenses for adult-use dispensaries were released for public feedback, but they have not been finalized.
Although residents of New York will greatly benefit from the legislation, several municipalities have opted out of permitting cannabis operations within the boundaries of their towns. The New York Marijuana Opt-Out Tracker can be reviewed here to check if a municipality has opted out of cannabis establishments.
MEDICAL MARIJUANA IN NEW YORK
New York medical marijuana was legalized in 2014 and the first dispensary opened in 2016. At present, there are 40 authorized New York medical marijuana dispensaries. There are 10 vertically integrated Registered Organizations (ROs) controlling the cultivation, processing and dispensing of medical marijuana in New York. These ROs are permitted by statute to have up to four cannabis dispensing facilities each. As of April 2022 there are 125,416 registered patients and 3,645 certifying medical practitioners.
OUR SERVICES IN THE NEW YORK CANNABIS MARKET
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
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June 27, 2022NEW 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 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 the existing New York 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.
