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The New York Cannabis Control Board approved a package of regulations that included licensing requirements for distributors, dispensaries and others.
Cannabis regulators in New York approved a package of regulations Tuesday that laid the groundwork for an expansion of the state’s emerging cannabis industry.
The rules, approved by the Cannabis Control Board, outline licensing and operation procedures for different types of businesses in the industry, including dispensaries and delivery services. The state legalized marijuana for adults age 21 and up in March 2021.
No state besides California draws as much business and consumer interest in cannabis as New York, experts say. And regulators expect applications for thousands of new businesses.
Here are five things to know:
What are these regulations?
The new rules establish requirements for the licensing of eight types of businesses: plant nurseries, cultivators, processors, cooperatives, distributors, dispensaries, delivery services and microbusinesses.
Except for microbusinesses, which can grow, process and sell their own products on a small scale, the licenses are divided between two broad categories: supply and retail. The rules forbid most individuals, companies and other entities from owning stakes in both tiers, to prevent anyone from dominating the market.
For instance, while investors can have an interest in multiple licenses, they cannot simultaneously have a stake in a retail operation like a dispensary and a supply-side business like a nursery, even if one of the two is in a different state. [Read More @ The NY Times]
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