When the social equity marijuana retail market in New York officially debuts, which is scheduled to happen before the end of the year, these 150 fully-equipped stores will be ready for business, thanks to the work of the 10 teams of firms that were selected.
The announcement comes just before the Cannabis Control Board (CCB) is set to convene, where they are likely to approve initial social equity store licenses and separately advance new market regulations.
Unfortunately, a federal judge issued in response to a complaint that temporarily prevents authorities from approving Conditional Adult-Use Retail Dispensary (CAURD) licenses in some districts of the state, including Central New York and Brooklyn.
Ten company teams have been approved by multiple New York State agencies to “plan and construct the first adult-use retail cannabis shops to be operated in New York,” according to a notice released by the Dormitory Authority of the State of New York (DASNY).
In total, “the firms were selected to create about 150 turn-key sites across New York State for entrepreneurs who have earned a Conditional Adult Use Retail Dispensary License (CAURD) from the New York State Office of Cannabis Management,” it reads.
Using money from the $200 million Social Equity Cannabis Fund that Governor Kathy Hochul (D) authorized, the New York State Social Equity Servicing Corporation (SESC) is “currently working” to secure locations for the first dispensaries.
Axel Bernabe of the Office of Cannabis Management reports that the CCB will meet on November 21 to consider whether or not to accept the first batch of CAURD licenses (OCM),.