The New York market will offer amazing opportunities for cannabis operators, with some of the most densely populated urban centers in the country. In addition the New York City area is one of the most popular tourist destinations in the country, with approximately 65 million tourists a year visiting the one city alone. Read on for more information on the upcoming cannabis regulations in New York and find out how you can tap into this lucrative market!
Name: New York Population: 8,419,000 Median Income:$63,998 Cannabis Uses: Retail, Delivery, Cultivation, Distribution, Nursery, On-Site Consumption, Processor, Testing Lab, Small Business Adult-Use Cooperative, Microbusiness State Cannabis Overview: The New York legislature is in the process of passing the Marijuana Regulation and Taxation Act (MRTA) to legalize adult-use cannabis use in the state and lay a foundation for the establishment of a commercial market. While Governor Cuomo has a separate cannabis legalization proposal and negotiations are currently underway to bring the two measures closer together, it is expected that the final bill passed will more closely align with the MRTA.
Latest Updates for New York State Cannabis Regulations
Recent Update 2/1/23:
First two conditional adult use dispensaries have opened
Laboratory testing license applications open until March 31st
Cannabis Control Board Meeting: January 25th
Adult use regulations were not discussed, no date set for when the board will approve these at this time (next meeting will be late feb/ early march)
Approved additional conditional adult use licenses from existing applications
Approved updated medical cannabis regulations (public comment period ended in September 19th)
Will go into effect February 15th
Regulations mostly unchanged from existing regs, main change is auto registration of patients when they are diagnosed by a doctor
An application for initial registration as a registered organization (medical license, with ability to have dispensaries, manufacturing, distribution, cultivation) shall include no more than four dispensing sites
Real estate required at time of application
A registered organization may apply to add an additional four dispensing sites
$10,000 application fee, and $200,000 registration fee for registered organizations if approved
Social equity not required, but can be used in consideration of approval (minority owned business, woman owned business enterprise (or both), a service-disabled veteran-owned business, or from communities disproportionately impacted)
Contact us today to schedule a consultation with one of our cannabis licensing specialists, and start exploring all the exciting opportunities available in the New York recreational marijuana market.
Update 3/31/21: After years of hard work from cannabis advocates in the state, Assembly Bill S854A to legalize cannabis in the State of New York was officially signed into law by Governor Andrew Cuomo on Wednesday, March 31st. New York becomes the newest state to legalize alongside its nearby neighbor New Jersey in bringing the legal cannabis market to the Atlantic states.
After years of adult-use cannabis being unavailable on the east coast, a flurry of legalization proposals have sprung up in the last few months and New York looks to join it’s neighbor New Jersey in becoming some of the first Atlantic states to legalize.
Several proposals in New York to legalize recreational cannabis have failed to gain traction in the legislature in the past few years, but with new pressure to increase tax revenues to combat the economic effects of COVID-19 and end the historic inequities that have ensued form the war on drugs, the state finally is poised to move forward with legalization.
New York Cannabis & Commercial Real Estate Research
Uses: Retail, Delivery, Cultivation, Distribution, Nursery, On-Site Consumption, Processor, Testing Lab, Microbusiness, Small business adult-use cooperative
Distance Requirements: TBD
Final regulatory and licensure will be centrally controlled by a new regulatory body comprised of legislative and executive appointments.
A goal shall be established to award fifty percent of adult-use cannabis licenses to social and economic equity applicants and ensure inclusion of: individuals from communities disproportionately impacted by the enforcement of cannabis prohibition; minority-owned businesses; women-owned businesses; minority and women-owned businesses, disadvantaged farmers, service-disabled veterans.
Medical marijuana: Purchases are subject to a 7% medical marijuana excise tax, but are not subject to any statewide retail sales tax.
Adult Use: Cannabis products would be subject to a state tax of nine percent, plus an additional four percent local tax.
Edibles (e.g. food and beverages) are taxed at $0.03 per mg of THC
Concentrates (e.g. vaporization oil, wax, shatter, and resin) are taxed at $0.008 per mg of THC
Cannabis flower (e.g. loose flower, pre-rolls, or shake) are taxed at $.005 per mg THC.
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Available New York Cannabis Business & Property Listings
Review our New York cannabis real estate for sale or lease below. We also have businesses in NY state for sale with a cannabis license. Contact us for more information and sign up to be a buyer or a seller on our website to get started with your property in the state of New York.
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