The New York State Cannabis Control Board has made an important decision to allow businesses to apply for licenses to sell, grow, process, and distribute marijuana for adult use. The application process is set to begin next month and offers a significant opportunity for companies operating within the state’s medical program.
Prominent players in the medical cannabis industry who already have a presence in New York include Curaleaf Holdings, RIV Capital Inc. (a unit of Scotts Miracle-Gro Co.), Acreage Holdings Inc., Green Thumb Industries, and PharmaCann. These companies will undoubtedly be among those eager to take advantage of this new opportunity.
While adult-use cannabis has been legal in New York State since 2021, only social equity applicants have been granted licenses thus far. However, the recent decision from the Cannabis Control Board will open up the field to a broader range of applicants.
As of October 4th, interested parties can access the application through the New York Business Express Platform. This development has been hailed as a crucial step towards expanding and strengthening the state’s medical program while ensuring the creation of a robust and fair adult-use cannabis industry.
Executives from major companies such as Curaleaf, Acreage, PharmaCann, and Green Thumb Industries expressed their anticipation for this opportunity in a letter addressed to New York State Governor Kathy Hochul. These companies have played vital roles in New York’s medical marijuana program for years and are eager to participate in the adult-use market.
Overall, this decision marks a significant development for New York State and its cannabis industry. The future looks promising for businesses seeking to enter the adult-use market and contribute to the state’s growing cannabis economy.