Yesterday, April 14, 2022, witnessed a historic event for the cannabis industry in New York: during 8th meeting of the Cannabis Control Council (CCB), China Construction Bank issued the first cannabis licenses for adults. Licenses: 52 conditional licenses for adult use cultivation based on the type of conditional license issued by the CCB and the Office of Cannabis Management (OCM) Earlier this year.
In addition to the fact that this is a significant event just because there are businesses licensed for adult use of cannabis in New York for the first time, the issuance of these licenses means that New York may have a product ready to sell to dispensaries in 2022 (assuming there are licensed dispensaries this year). great motivation Obtaining these licenses so quickly was to allow farmers the opportunity to grow during the current growth cycle.
As a brief update on how we got here, CCB The conditional cultivar application portal for adults has opened On March 15, 2022. To date, 150 applications have been received, and as of March 31, 2022, OCM has completed its review and recommended 52 licenses to be granted. This does not mean that OCM and CCB have finished issuing conditional licenses for adult use: they will continue to review applications on a rolling basis with the application window open until June 30, 2022.
The CCB also took up its consideration of the revised regulations for medical home farming. Initial regulations were issued on November 17, 2021 and CCB received 160 comments, resulting in revised proposed regulations that are now subject to a public comment period of 45 days from publication. Suggested changes:
- Updated definitions to make it clear that outdoor cultivation is allowed
- Revised storage and security requirements
- Clarify designated caregiver plant boundaries
- Provisions for the sale of medicinal cannabis seeds and immature plants to home cultivation entities licensed or registered by OCM
VERY IMPORTANT NOTE: Home farming is not permitted until final regulations have been approved.
All in all, yesterday was significant. For the first time ever, New York has legal businesses for adult cannabis use. Stay tuned as things are developing (fast) in the New York adult cannabis industry!
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