New York’s Governor Confirms 20 Cannabis Stores Will Open This Year

New York Governor Kathy Hochul announced that the state’s first licensed retailers are set to open their doors before 2023 begins. Her comments ended speculation that New York’s weed market is struggling to meet its long-promised 2022 launch date. She added that 20 more dispensaries are expected to open every month or so thereafter.By state law, New York’s first dispensaries will be owned by residents with cannabis convictions. More than 900 Conditional Adult-Use Recreational Dispensary (CAURD) license applications were accepted within the 37-day window, which opened August 25 and closed September 30.

So far, the cannabis board has granted zero CAURD licenses. On September 16, the state’s cannabis office said that it had not begun reviewing applications yet, but that the review process would not stop some stores from opening this year. The state anticipates opening 150 dispensaries for CAURD applicants, plus 25 for nonprofits. Since the nonprofits won’t have to wait on the aforementioned regulations for DASNY properties or the $200 million social equity cannabis investment fund, they could have a faster track to opening. As for supply, there are now hundreds of licensed cultivators and processors already making way. All facts considered, it could be high time for New Yorkers to start getting hyped for day one of adult-use sales.