Be the first to enter the adult-use cannabis space in New York! New York promised a robust social equity program and they delivered. The first 200 licenses to be awarded are set to go to Justice Involved applicants. Read more below to see if you qualify to enter before the multi-state operators!
NY Cannabis Market Progress
Recreational retail sales are expected to begin before the end of the calendar year. New York has been carefully ensuring their social equity program actually lives up to its name. To open up adult-use retail sales, New York decided to give priority licenses to Justice Involved applicants, even before existing medical dispensaries.
Requirements
The New York State Cannabis Control board has 200 conditional licenses for Justice Involved priority applicants.
You can qualify as a Justice Involved applicant one of three ways:
- Convicted of a cannabis-related offense prior to March 31, 2021 (when NY legalized adult-use)
- Those who have a parent, legal guardian, child, spouse, or dependent of someone with a cannabis-related conviction
- You were a dependent of an individual with a cannabis-related conviction
Business Requirements:
- Must have (or had) at least 10% ownership interest in (with control) a business
- That business had a net profit for at least 2 years “hold or have held, for a minimum of two years, at least 10% ownership interest in, and control of, a qualifying business, which means a business that had net profit for at least two of the years the business was in operation”
- There are further restrictive requirements if your business ownership experience is in a non-profit
Benefits of Justice Involved Program
New York is predicting that the adult-use market will generate about 1.3 billion dollars during its first year and stimulate the economy by creating jobs, and additional revenue. The Justice Involved program is dedicating resources and assistance from the New York City Economic Development Corporation to aid in providing financing and real estate for entrepreneurs seeking to begin their cannabis business.
Next Steps
The Justice Involved conditional adult-use retail licenses will be valid for 4 years. Since the license is only temporary, if licensees want to continue participating in the recreational market, they can convert their license after 120 days to a standard adult-use retailer license by receiving a review from regulators.
Do you qualify?
If you check the boxes above, you may have a nice opportunity to be one of the first entrants into New York’s coveted cannabis industry! Contact us today for a free 15 minute consultation, where we will walk through the details of the Justice Involved program and support you through the application process and beyond!
Now is the time to get started so this once in a lifetime opportunity doesn’t pass you by! Contact Canna Business Services for New York Justice Involved application support.
