Slated to see sales of up to $1.3 billion by 2023 (nyc.gov), New York is shaping up to be one of the biggest markets for cannabis business owners to date. If you have a desire to get into the cannabis industry, this may be the State for you.
Whether you’re interested in applying for an Adult-Use Cultivator, Retailer, Nursery, Co-Op, Processor, Distributor, Microbusiness, Delivery, or On-Site Consumption License (or a combination of the above), here are some facts that you should know:
On March 31, 2021, the Marihuana Regulation & Taxation Act (MRTA) was signed into law, legalizing adult-use cannabis (also known as marijuana, or recreational marijuana) in New York State. The legislation created a new Office of Cannabis Management (OCM) governed by a Cannabis Control Board to oversee and implement the law (collectively referred to as “OCM”). The OCM will issue licenses and develop regulations outlining how and when businesses can participate in the new industry.
The MRTA establishes a goal to award 50% of all adult-use licenses to social and economic equity applicants. These applicants include those who have lived in communities disproportionately impacted by the War on Drugs, minority-owned businesses, women-owned businesses, distressed farmers, and service-disabled veteran-owned businesses. Check out our blog to learn more about how to qualify for these business statuses.
Contact Canna Business Services for a free 15-minute consultation to learn more about the New York adult-use cannabis industry.