New York's cannabis regulators are gearing up to hand out as many as 1,500 new weed business licenses. This comes as pot growers are sitting on a mountain of unsold weed and only a handful of shops are available to sell it.
The state’s Office of Cannabis Management (OCM) spilled the beans on Tuesday. They're going to start taking applications for new cultivation, retail, processing, and microbusiness licenses starting Oct. 4, as per Bloomberg.
They're leaving the application window open for 60 days.
So far, the state has given out around 700 conditional licenses, including 463 for social equity retailers and 10 for nonprofit retailers under its conditional adult-use retail dispensary (CAURD) program. Plus, 273 for cultivation and 40 for processing.
Most of the CAURD holders and applicants have been left hanging since an August ruling by a New York judge put a pause on all business applications and green lights to open adult-use shops in the state.
These businesses should get ready to apply during the next licensing window, opening Oct. 4, according to OCM Executive Director Chris Alexander, speaking at a state's Cannabis Advisory Board meeting, reported by Green Market Report.
Despite high hopes for a bustling retail market, only 23 licensed dispensaries are actually up and running in New York, which kicked off adult-use sales in late December.
