NEW YORK, NY – Governor Kathy Hochul announced a significant expansion in New York’s cannabis industry, with the State Cannabis Control Board approving 109 new licenses, marking a substantial increase in the number of legal cannabis operations across the state.
The newly approved licenses include 38 for retail dispensaries and 26 for microbusinesses, allowing for a “seed-to-sale” operation where businesses can grow, process, distribute, and sell cannabis under a single license. This move is part of New York’s efforts to grow the adult-use cannabis sector, which is expected to boost local economies throughout the state.
As of now, New York has 70 licensed adult-use cannabis retailers, nearly tripling the number since December. This growth comes after lifting an injunction that previously halted the opening of new dispensaries. The Office of Cannabis Management (OCM) expects at least 25 more adult-use dispensaries to open in the coming weeks, further increasing access to legal cannabis across New York.
Governor Hochul’s announcement also highlighted the approval of adult-use home cultivation regulations, now advancing to a 60-day public comment period, and the issuance of the first cannabis research licenses. Additionally, the Control Board has opened the application window for more Type 3 processor applications and is allowing conditional cultivators and processors to transition to nonconditional licenses.
Cannabis Control Board Chair Tremaine Wright anticipates exponential growth for the state’s cannabis industry in 2024, noting the rapid increase in dispensary openings and license issuances. Executive Director Chris Alexander emphasized the state’s commitment to building the cannabis market thoughtfully and methodically, aiming to avoid pitfalls that have hindered other states and to ensure equitable opportunities within the industry.
With total adult-use cannabis sales surpassing $183 million, New York’s cannabis market is poised for significant expansion, offering more opportunities for entrepreneurs and providing consumers with a wider range of legal cannabis options.