Despite the summer season, much progress was made with states moving forward to open up new cannabis markets. Deadlines are approaching for many states to get their cannabis regulations set-up and their sales rolling! Read below for some updates on critical states to watch.
New Mexico has just set up their Cannabis Regulatory Advisory Committee that will establish industry regulations. Recently on September 1st, New Mexico just began accepting manufacturing licenses. They were initially worried about a medical cannabis product shortage. To combat this, New Mexico came up with a plan to ensure that supplies can meet the immense demand that’s expected when adult-use businesses open up. Production licenses allow a licensed grower to cultivate 10,000 plants. Rules for adult-use cannabis retailers will be set-up by the beginning of 2022, and sales will begin no later than April 1st, 2022.
At the end of August, New Jersey finalized regulations for the adult-use market. There will be 6 types of licenses available: grower, processor, wholesaler, distributor, and retailer, and delivery. When applications become available, there are 3 types of businesses that will receive priority. The high-priority businesses are: social (economically disadvantaged, or impacted by cannabis related offenses) equity; impact (large population, high unemployment rate) zone; and diversely-owned (women, POC, or veteran-owned). Microbusinesses also have priority over standard applications. With regulations established, look out for New Jersey to begin accepting applications soon!
Last week, New York made significant progress in nominating members to the Cannabis Management and Cannabis Control Board. Although progress was slowed down by Governor Cuomo’s removal, the new Governor jumped right in to begin the rollout of the adult-use cannabis program. The Cannabis Advisory Board still has 7 spots open that need to be filled.
As of now, it’s looking like New York will begin recreational sales later in 2022. New York is aiming to move quickly to ensure that social equity applicants have a chance against multi-state operators. Currently, many are eyeing the prime real estate in New York gearing up for when application rounds open. To be competitive and have the best chance at winning a license, it’s best to start planning now.
These states are all moving forward at a rapid rate, and the time is now to get your cannabis business plans in order to secure your spot in these hot markets. Get in touch with Canna Business Services for a free 15-minute meeting for help getting your license materials in order.