There have been plenty of events in the New York cannabis space. We will break them down for you.
Legal Battles Stall Cannabis Licensing Efforts
New York’s Office of Cannabis Management (OCM) is dealing with over 20 active lawsuits, reported Green Market Report. These legal challenges stem from various aspects of the state’s cannabis management protocols, notably affecting the Conditional Adult-Use Retail Dispensary (CAURD) and the Social and Economic Equity (SEE) programs. The lawsuits have significantly impacted the OCM’s ability to efficiently process licensing applications and respond to Freedom of Information Law (FOIL) requests, leading to considerable delays.
These delays are happening while Operation Padlock (OP) is still in motion. New York City Mayor Eric Adams initiated the shutdown of illicit cannabis shops, targeting cannabis operations across the five boroughs. This multi-agency effort has shuttered 75 illicit marijuana shops. So far, the operation has imposed about $6 million in fines. Via OP, Adams is aiming to curb the proliferation of unlicensed cannabis dispensaries. While the aggressive enforcement underscores the city’s commitment to managing the unregulated and uncontrolled sales of cannabis, the police and administrative procedures have raised concerns and legal defiance.
Housing Works Announce Buy Back Of Illicit Cannabis
Housing Works Cannabis Co (HWCC), New York City’s first legal dispensary since December 2022, is launching an illiicit cannabis buyback program to combat the proliferation of unlicensed shops. Running from July 1 to September 1, 2024, the initiative offers incentives to encourage consumers to transition from illegal to legal cannabis sources.
Participants who show proof of membership at illegal shops, like an Empire Cannabis Card, will receive free enrollment in HWCC’s co-conspirator program, which usually costs $25. They will also get a 25% discount on their first purchase and a 10% discount on subsequent purchases for a year.
Opposition In Brooklyn Neighborhood To New Dispensary
In Bay Ridge, Brooklyn, local opposition is growing against the opening of a new cannabis dispensary, reports The Tablet. Over 200 residents recently protested the proposed location, which plans to consolidate three storefronts into a large 6,000-square-foot shop. Catholic residents in the neighborhood are raising concerns because the site is close to both the Bay Ridge Catholic Academy and St. Anselm Church. During the protest, politicians U.S. Rep. Nicole Malliotakis and New York Assembly members Michael Tannousis and Alec Brook-Krasny voiced their disapproval, urging residents to push back against the dispensary’s application due to its proximity to these sites. They also sent a letter to the OCM.
New York City Bar Holds Seminar
The New York City Bar hosted a seminar titled “Navigating Cannabis Law in New York,” aiming to brief attorneys on the complexities of cannabis legislation. The event, which took place on June 24, briefed lawyers on the intersection of cannabis with various legal areas such as health, labor, banking and real estate.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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