New York will issue nearly 1,500 licenses to marijuana businesses

New York state authorities will issue up to 1,445 new licenses for marijuana businesses in the coming weeks in an effort to boost the legal cannabis industry, local media Gothamist reported on Tuesday.

The licenses will be granted to sellers, but also to producers or micro-enterprises that have had difficulties entering the market due to the many bureaucratic and legal problems that followed the legalization, in 2021, of the recreational use of marijuana in the stands.

The first legal store to sell recreational marijuana opened in New York in late 2022, and since then, only 40 businesses remain open in the state, according to data from the Office of Cannabis Management.

State authorities hoped to have about 150 businesses open by the end of this year.

Many legal cannabis dispensaries cannot compete with the illegal marijuana market, which can sometimes be nearly indistinguishable from licensed operations.

With the new permits, the government wants to give priority to companies that have already rented or own a building. She will award these from January or February.

In November, The New York Times reported that an excess inventory of more than 500,000 pounds of cannabis was languishing in warehouses due to delays in the opening of legal stores, many of which were mired in legal or bureaucratic processes.

Source: El heraldo