The governor of New York confirms that 20 weed shops will open this year
Gov. Kathy Hochul boasted that she got the adult entertainment market moving quickly and said the state would likely “still be waiting for the most basic steps” if she hadn’t taken office in 2021.
Shutting down speculation that the New York weed market is struggling to meet its long-promised 2022 launch date, New York Gov. Kathy Hochul announced on Wednesday that the state’s first licensed retailers will open their doors before New Year’s Eve, December 31 2022, will open. She added that about 20 more pharmacies will open every month thereafter.
Under state law, the first dispensaries in New York will be owned by residents convicted of cannabis. More than 900 Conditional Adult-Use Recreational Dispensary (CAURD) license applications were accepted within the 35-day window that opened on August 25 and closed on September 30.
To date, the Cannabis Authority has not issued CAURD licenses. On Sept. 16, the state cannabis bureau told Leafy that it hasn’t started reviewing applications yet, but that the review process won’t stop some stores from opening this year.
Here’s what the governor said
This week Gov. Hochul was asked if she was concerned about the postponement of New York retail market launch schedules. According to Brad Racino of New York Cannabis Insider, she said in an exclusive interview with the editorial board of Advance Media New York that the state’s schedule is “still on track.”
Governor Hochul refused to rush the process, adding: “We’re not just going to block it out there. It will work and be successful.”
“We will ensure this is a model for the rest of the nation – particularly with our desire to ensure that people negatively impacted by the criminal justice system … have the opportunity to work in this area.” ”
New York Gov. Kathy Hochul
gov. Hochul doesn’t mess around when it comes to the facility
According to Syracuse.com, Gov. Hochul also told the editor, “I’ve had a lot of credit for naming people in a week. I got things going. So when I talk to people about being part of this industry, the first thing they say is thank you. Because otherwise we could still wait and wait and wait, even for the most basic steps. So we made quick progress.”
The New York Marijuana Regulation and Taxation Act (MRTA) was signed into law by the then-government. Andrew Cuomo on March 31, 2021. But the new law made little progress in the months that followed, as Cuomo failed to set up a regulator.
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When Governor Hochul took his place in August 2021, she acted immediately. Their first step was to appoint Tremaine Wright to head the Cannabis Control Board and Chris Alexander to head the Office of Cannabis Management. New York’s cannabis regulators began meeting in October 2021, giving an 18-month window to create a legal framework for cannabis.
Because of this, some people are skeptical that the state will meet its deadline
The New York MRTA outlines essential steps that must take place prior to state rollout. Many of these steps are still incomplete.
First, the Office of Cannabis Management (OCM) has delayed the release of full industry governance regulations multiple times. The more than a year’s missed deadlines have raised alarms among industry insiders and politicians, who believe the 2022 launch date is unlikely.
Another possible reason for delays: The New York State Housing Authority (DASNY) is overseeing brick-and-mortar construction of the 150 incoming retail pharmacies. But the agency hasn’t secured any locations yet. And no money was raised for the social capital fund to help launch the CAURD businesses.
Additionally, the state has yet to identify a banking partner that will house its massive social equity fund. And some are skeptical that the OCM can review and evaluate 900 applications fast enough to license and open stores before 2023. The question of supply is another important topic of conversation.
Two reasons to be optimistic about New York’s 2022 schedule
The state expects to open 150 pharmacies for CAURD applicants and 25 for non-profit organizations. Since the nonprofits don’t have to wait for the aforementioned DASNY property regulations or the $200 million social equity cannabis mutual fund, they could have a faster path to opening.
In terms of supply, there are already hundreds of licensed growers and processors making way now.
All in all, it might be high time for New Yorkers to get excited about the first day of adult sales.
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