Our latest cannabis news update sees NY’s first cannabis licensing round officially open, an expansion of CCB enforcement powers, and a super successful (and fun) education and career expo hosted by a certain group of awesome people and colleges. Enjoy:

Extended Deadlines and New Enforcement Rules by CCB

October 21^st, 2023

Brief Summary: The Cannabis Control Board (CCB) extended deadlines for general marijuana licensing applications. Originally set to close on Dec. 4 (or Nov. 3 for expedited applications), these have been pushed to Dec. 18 and Nov. 17, respectively, after overwhelming interest.  They also granted the Office of Cannabis Management (OCM) additional enforcement authority. Businesses that receive a notice of violation have five days to respond, or they will be assumed to be continuing illegal sales by OCM, with potential fines of up to $20,000 per day for selling marijuana without a license.

Link: https://www.jdsupra.com/legalnews/new-york-s-cannabis-control-board-5355031/

 

Potential Tax Cuts for NYC Cannabis Dispensaries

October 21^st, 2023

Brief Summary: Legislation could significantly reduce cannabis dispensary taxes in NYC. Although NY state allowed tax deductions for cannabis operators, it didn’t apply to NYC businesses. A new bill passed in both state houses would allow such deductions in NYC. As of now, the bill awaits Gov. Kathy Hochul’s signature.

Link:  https://www.newyorkupstate.com/cannabis-insider/2023/10/bill-to-severely-cut-nyc-cannabis-dispensary-taxes-still-awaiting-governors-signature.html

Cannabis Growers Showcase Data Released

October 17^th, 2023

Brief Summary: Recent sales data revealed that retailers sold $51 million in cannabis products between July and September, totaling $81 million for the year. The Cannabis Growers Showcase events, introduced to stimulate demand in regions with few dispensaries, have generated $1.5 million in sales. Since August, 142 of these events have taken place, with another 1,250 planned by year’s end.

General Cannabis Business Licensing Opens in New York

Oct. 07, 2023

Brief Summary: The Office of Cannabis Management (OCM) began accepting general cannabis business license applications this week. This marks a significant step in New York’s effort to expand its legal cannabis market. The move allows new applicants to join the sector, amidst ongoing challenges and legal debates surrounding the state’s cannabis regulations.

Link: https://www.marijuanamoment.net/new-york-opens-marijuana-business-license-application-period-as-governor-highlights-efforts-to-combat-illegal-market/

CannaBusiness Education and Career Expo Held

Oct. 03, 2023

Brief Summary: The CannaBusiness Education Hub held its first annual CannaBusiness Education and Career Expo in Schenectady, NY! The very successful Expo featured educational breakout sessions, speeches from the presidents of participating SUNY schools, and hosted guest speakers from around the state who shared their unique insights and expertise.

Link: https://yourschenectady.news/first-suny-cannabis-and-career-education-expo-in-schenectady/

Licensees Resorting to Illegal Activity

Sep. 30, 2023

Brief Summary: Some licensees are reportedly turning to illegal activities due to delays in the legal weed rollout, with many sitting on large amounts of unsold cannabis. This isn’t exactly shocking news but now there’s data to support it.

Link: https://www.syracuse.com/marijuana/2023/09/new-yorks-licensed-cannabis-operators-turning-toward-illegal-market-to-make-ends-meet.html

And that’s it for now!  For those new to the list or who haven’t yet seen it, attached you’ll find a brief that provides some data on NY’s cannabusiness industry overall that was put together not so long ago. If you’d like back issues of the Curator brief, just shoot me an email and I’ll send them over.

Have a great week everyone!

Cheers,

Mike