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Introduction:
If you want to jump into the New York cannabis business in New York, you’re entering a growing market with a host of opportunities. To be successful, you’ll want to prepare for all the licensing, regulatory, and business requirements for this budding industry.
Opening a dispensary in New York is no small task, but with the right knowledge and advice, it’s doable. This guide will provide answers and guidance as we creep closer to the application window opening in New York.
When will I be able to submit a New York cannabis license application?
The NYS Office of Cannabis Management (NYS OCM) has yet to release an official timeline. Our regulatory team can help you out now ahead of the earliest application window opening date of April 1st, 2023.
How to apply for a New York cannabis license?
While the application window is not currently open, we can prepare you to hit “send” on your application. Our regulatory and business development team can assist you in gathering critical information before the application window opens. Preparation now eliminates the need to scramble when the window opens, putting you well ahead of the competition.
What is required for the New York cannabis license application?
Our team has picked apart the 282 pages of the draft guidance and concluded that a significant amount of information like; background checks and property information will be essential.
- Regulatory & Licensing expertise
- Business plans and financial models
- Community Involvement plans
- Operating plans
- Security plans
- Recall & testing plans.
What should I do now ahead of the application window opening?
- Get staff, resources, and real estate before they become scarce and overly competitive.
- Focus on community engagement.
- Seek financial investments and ensure you have enough resources to sustain your business.
- Partner with our Cannabis License Experts.
Who qualifies for priority scoring?
New York state has set a goal of granting 50% of licenses to entities that are woman-owned, minority-owned, disabled veteran-owned, or distressed farmer-owned.
According to the draught regulations, they have two options for dealing with this priority:
One possibility is that they open a window first for those who qualify. For example, for the next 30 days, they will only accept applications from diversely owned individuals or businesses.
Another option is to open the window for everyone at the same time, but as applications arrive, prioritize those who have checked the diversely owned box, scoring them first.
How can we help?
At Cannabis License Experts, we provide you with the guidance to plan your cannabis business, acquire funding, navigate the legal requirements, and acquire the appropriate cannabis license for your operations. As the New York cannabis industry develops, more and more licensed producers will be needed to meet the demands of consumers.
Cannabis License Experts offers support from day one of starting your cannabis business, including strategic planning, floor plan preparation, site audits, SOPs, Preventive Control Plans (PCPs), and more.
Our Edibles Compliance division can provide you with a solid plan for your edibles business to help get your products on store shelves.
Contact us today to discover how we can license and legalize your cannabis business to meet federal or provincial regulations.
