New York state plans to open cannabis industry applications to the general public starting October 4, including for current medical cannabis companies. The Cannabis Control Board on Tuesday approved regulations that provide a pathway for more companies to companies to enter the state’s market – which has been beleaguered by a slow rollout and a recent lawsuit that has all but halted licensing in the state entirely.
The regulations include requirements for plant nurseries, cultivators, processors, cooperatives, distributors, dispensaries, delivery services, and microbusinesses. The regulations require the state’s currently, vertically integrated, medical cannabis companies to pay a special licensing fee of $20 million which would allow them to open three adult-use dispensaries in locations where they currently operate.
Current conditional license holders will be able to obtain a nonconditional license if they are in good standing with state regulations.
Application and licensing fees for new licenses run between $750 and $300,000 and social equity applicants will be eligible for discounted fees. The regulations do not include caps on any license types.
It is expected that once the application process opens next month, the injunction imposed by a state Supreme Court judge will be lifted.
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