More New York Cannabis Licenses to be Issued in 2024
December 9, 2023
New York’s cannabis community is about to get a bit more crowded.
In November 2022, the New York State Cannabis Control Board approved the first 36 dispensary licenses to serve its’ millions of citizens. Comparatively, Oklahoma, which is a medical-only state, operates over 2,000 retail dispensaries.
To best serve the New York community, the Office of Cannabis Management is actively reviewing New York cannabis retail license applicants and anticipates hundreds of application approvals in 2024. Future New York cannabis operators have had to apply with a full operation plan to qualify for a license. Qualified applicants are then submitted to a lottery system to identify winners of licenses.
In regards to the most recent application window which ended on November 17, 2023, the board has said that they will be approving 250 retail dispensary licenses. There is hope from the community that the increase of licensed retail dispensaries will combat the illicit market in New York State.
In New York City, the most populated city in the nation, there are many illegally operating cannabis storefronts that the city simply can’t keep up with. Some are subtle, operating as medicinal operations but others are blatant, driving loud trucks through the city and selling medicated product like an ice cream truck. Unfortunately, medicated product on the illicit market are untested and can lead to users ingesting contaminated or mislabeled product. Regulated cannabis operators must submit to licensed testing via state-approved facilities to ensure there are no harmful materials present in the end product. This testing is then available to retailers so retailers are always aware of exactly what product they are carrying and can provide quality assurance to shoppers. Licensed retail dispensaries are simply safer for consumers and provide tax revenue to the community.
This influx of hundreds of additional retail dispensary licenses comes at a great time, as the Cannabis Growers Showcase pilot program will be wrapping up at the end of the year. This initial program allowed for cannabis retailers to sell medicated cannabis products outside of their traditional brick and mortar dispensary locations. This initially identified farmer’s markets and other gatherings, but also included a regulated area of the New York State Fair. The Cannabis Growers Showcase regulations were strict about maximum margins on flower and pre-rolls as well as what locations would be accessible through the program. Due to strict geographical and compliance regulations, actual events were not common. The program may get extended or picked back up, but for now the Cannabis Growers Showcase will be on hiatus.
The Office of Cannabis Management has identified the first quarter of 2024 as the target date to issue many licenses to New York operators. With hundreds of cannabis retail dispensary licenses issued in early 2024, we anticipate the crop of stores to start opening doors mid-year. We look forward to supporting the incoming New York cannabis operators and are excited to see the influx of dispensaries.
For support in the New York cannabis market, connect with one of our cannabis compliance experts today:
