New York first made cannabis legal in 2014. Licenses to open dispensaries were handed out the following year. However, most people still find it difficult to open dispensaries. In July 2021 the state of New York was now among the legal adult-use cannabis states in the US. This legalization of cannabis in New York has made many people ask how to open marijuana dispensary in NY.
What Types of Dispensary Licenses are Available in New York?
Currently, New York only has 36 cannabis dispensaries to satisfy 20 million residents. These figures will increase as recreational marijuana becomes legal. Therefore, it’s good to prepare ahead of time.
To open a dispensary in New York, you will need to apply for adult-Use Microbusiness Licenses. The state will grant these licenses to authentic cannabis businesses with certain size limits.
Most of the licenses will go to Adult-Use Retail Dispensaries. It’s still unclear the number of retail licenses that will be issued.
Another type of license includes an adult-Use On-Site Consumption Licenses. These licenses permit dispensaries to have areas for cannabis consumption.
Adult-Use Delivery Licenses will go to individuals with no intention of having another adult-use license. Therefore, delivery services in New York won’t fall under dispensaries.
How Do I Apply for a Dispensary License in New York?
Before opening a dispensary in New York, you will need to apply for licenses. However, the exact rules for applying for an adult-use dispensary license in New York are unknown.
You can follow the application process for medical cannabis dispensary licenses. This will give an idea of how to apply for licenses to operate recreational dispensaries.
To apply for a medical marijuana dispensary license is easy. Applicant must pay a non-refundable application fee of $10,000 as well as a refundable $200,000 registration fee.
The process of applying for a cannabis dispensary license in New York is like that in other states. Several factors increase the chances of getting a license including the “moral character” of the applicants.
Advice on how to open a cannabis dispensary in New York
The cannabis industry in New York has terrific potential. According to the New York Times, the adult-use market could bring $4.2 billion annually. This means that dispensaries will experience huge sales. Therefore, if you open your cannabis dispensary now, you will have a better chance to benefit from this green rush.
It’s essential to wait for more developments in the New York adult-use market. Therefore, we recommend you take the following steps:
Examine the process of applying for dispensary in NY licenses in other adult-use markets. New York will certainly follow the steps of other successful states.
Research on the cannabis-friendly regions in New York. Keep in mind that counties and municipalities in New York can vote to ban cannabis dispensaries.
Opening a cannabis dispensary in NY (New York) is more than just obtaining licenses. Applicants must do research, check the laws. It’s also important to choose a cannabis-friendly location.