Hochul: NYS legal cannabis market poised to be one of the largest in the world

In a recent press release, Gov. Kathy Hochul announced the largest expansion of New York State’s legal cannabis market to date, with hundreds of licenses being made available to individuals and businesses interested in legally growing, processing, distributing, and selling cannabis.

In addition, partnerships with localities are being created that will enable authorities to pursue padlocking orders from state courts against businesses illegally selling cannabis as well as a new multi-agency initiative targeting illegal operators for labor violations, thus significantly increasing potential fines and penalties on businesses.

”We know there’s room for improvement as New York works to launch a brand-new cannabis industry and crack down on illicit operators, and I’m committed to working with all stakeholders to get the job done right,” Hochul is quoted as saying. “My administration is laser-focused on shutting down illegal storefronts, protecting the health and safety of children and helping small businesses thrive. We will continue working to build the most equitable adult-use cannabis industry in the nation that invests in communities and rights the wrongs of the past.”

According to the release, “New York’s legal cannabis market is now poised to be one of the largest in the world; one that will ultimately generate hundreds of millions in revenue annually, as well as create or sustain thousands of jobs across the state, all while prioritizing equity, promoting small business growth, ensuring product quality and maintaining consumer safety.”

The Cannabis Law, according to Hochul’s office, establishes a robust social and economic equity (SEE) program to prioritize and provide resources to members of communities who have been disproportionately impacted by cannabis prohibition policies, with the goal of elevating their participation in the new industry through the implementation of SEE’s plan. The state’s goal is to issue 50% of licenses to qualifying SEE applicants, defined as those individuals from communities disproportionately impacted by the past enforcement of cannabis prohibition, minority- and women-owned businesses, distressed farmers and service-disabled veterans, who will also be eligible for application support and technical training through the Cannabis Hub & Incubator Program (CHIP), which is launching this fall.

The application period opened Oct. 4 and will remain so for two months. The governor also announced that more than 8,500 pounds of illicit product, with an estimated street value of more than $42 million, has been seized by state agencies.