New York Real Estate & Cannabis Regulations

Cannabis Status: Opening

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.

Trusted Cannabis Professionals from CREC Directory

View the CREC Directory for our personally vetted and highly recommended professional service providers.

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.

We can help you find a property in our network, even if not listed in our online inventory. Ask us how!