New York Doubles Number Of Retail Permits To 300 For Social Equity Applicants

New York regulators doubled the number of available retail permits for recreational marijuana social equity applicants to 300, which will be proportional across the state’s 14 regions.

“Doubling the number of available CAURD licenses is a great development that drastically increases the odds of winning a license,” Michelle Bodian, partner at Vicente LLP told Benzinga.

NY Focuses On Broadening The Market ASAP

"Many of the qualified applicants will be able to pay for their own retail locations instead of relying on the state to provide shops," said Chris Alexander, executive director of the New York Office of Cannabis Management,” reported the Green Market Report.

However, the Dormitory Authority of the State of New York (which runs the state fund) failed to raise the $150 million for the much-heralded social equity fund and its role in the state’s legal cannabis rollout.

“It’s important to understand that the resources of the fund are not limitless, and under the expansion, the first group of 150 licensees will continue to have access to the fund if they want it,” Alexander said. “Those who decline will free up resources that will be made available – but not guaranteed – to those in the expanded group of 150 applicants.”

New York's Marijuana Regulation and Taxation Act of 2021 (MRTA) has stated that it aims to build an equitable market by prioritizing licenses for individuals with past cannabis arrests and convictions.

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Image By Ilona Szentivanyi. All rights reserved to El Planteo and Benzinga