New York’s Office of Cannabis Management says legal cannabis sales generated over $70 million through late August of this year. But for many cultivators and business owners trying to break through in the state’s budding industry, a series of false starts and regulatory holdups have left them confused and frustrated.
“There’s a lot of confusion right now in the state’s cannabis industry among the people who are looking for licenses, and the ancillary businesses as well, from the attorneys to the real estate agents,” Brad Racino, editor of NY Cannabis Insider, said.
The OCM today granted final approval of the state’s regulations for adult-use cannabis. The move will allow more individuals and small businesses to apply for cultivator, processor, distributor, microbusiness, and retail dispensary licenses beginning on October 4. This comes after significant delays and changes to the original timeline laid out by Gov. Kathy Hochul’s office, who had at one point pledged to open 20 dispensaries in the state by January 1.
At a public comment portion of a meeting held by the Cannabis Control Board Tuesday morning, some businesspeople were brought to tears, pleading with the state to move the process along faster so that they can begin to make money off of the crops that they’ve spent months, if not years, cultivating.
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