Today, the Cannabis Advisory Board (CAB) gathered to hear updates from the Office of Cannabis Management (OCM) on the continued expansion of New York’s legal cannabis market.
With 137 adult-use retailers open for business across the state, and hundreds of licenses pending approval, OCM’s ongoing emphasis on education, mentorship, and equity has established a foundation for a sustainable and socially responsible cannabis industry.
The CAB is a multidisciplinary group of experts, composed of 13 voting members appointed by the Governor, New York State Senate, and Assembly, and supported by a range of experts from various agencies from across New York State.
“… providing guidance and leadership …”
The CAB is tasked with providing guidance and leadership to both the Cannabis Control Board and OCM on a range of issues related to adult-use, medical cannabis, and cannabinoid hemp.
The CAB is also tasked with governing and administering the Community Grants Reinvestment Fund which reinvests forty percent of the tax revenue from cannabis sales to those communities disproportionately affected by past cannabis prohibition policies.
“Ensuring equity and community reinvestment are at the heart of our mission at the New York State Office of Cannabis Management,” said Felicia A. B. Reid, Interim Executive Director of the New York State Office of Cannabis Management. ”Today’s discussion on the Community Grants Reinvestment Fund will shape our next steps towards empowering underserved communities through targeted investments in youth programs, workforce development, and essential services like housing and mental health support. By prioritizing equity in our grant allocations, we’re not just expanding access to economic opportunities; we’re laying a foundation for a more inclusive and prosperous future for all New Yorkers.”
Joe Belluck, Chair of the New York State Cannabis Advisory Board: “The CAB applauds the strides made in expanding legal access and fostering economic opportunities while prioritizing equity and social responsibility. We remain committed to ensuring that our guidance continues to shape a thriving and inclusive cannabis landscape for New York.”
Community Grants Reinvestment Fund (CGRF) Subcommittee
During today’s CAB meeting, the Community Grants Reinvestment Fund (CGRF) Subcommittee members reviewed and discussed the DRAFT Request for Applications (RFA).
The main goal of the meeting was to discuss the open priority areas in the DRAFT RFA and finalize the approach for the first year of the grants. All items discussed were in draft form and subject to change based on today’s discussions.
OCM staff researched how other states, state agencies, and similar grant initiatives operate to prepare for today’s discussion.
Following this, a survey was conducted among the CGRF Subcommittee to identify key priorities. OCM has been collaborating with the Office of General Services (OGS) to begin drafting an RFA and a working draft has been shared with the Subcommittee, who has shared preliminary comments on the draft.
The meeting was productive, and substantial progress was made towards finalizing the approach for the first round of CGRF grants. Once the CAB feedback is incorporated and the RFA is released, OCM will share more communications about available opportunities.
Enforcement Task Force Update
At today’s meeting, the New York State Office of Cannabis Management (OCM) presented updates to the Cannabis Advisory Board regarding the State’s ongoing efforts to enforce against the illicit cannabis market. The OCM emphasized that the state’s commitment to shutting down unlicensed cannabis storefronts has led to a 27% increase in legal cannabis sales in areas affected by the Task Force’s enforcement activities.
This crackdown is crucial in ensuring that the legal market thrives and that consumers have access to safer, tested, regulated products.
The OCM reported that over 240 inspections have been conducted by State Officials, resulting in the seizure of more than 3200 pounds of illicit cannabis products, valued at nearly $30 million.
These enforcement actions are part of a broader strategy to eliminate the black market and support the growth of licensed cannabis businesses. As of Tuesday, June 25, 2024, 143 illicit stores have been padlocked.
Additionally, the OCM’s Intergovernmental Affairs team, in coordination with the Office of General Counsel, has held several briefings over the past few weeks for New York City elected officials and Community Boards.
These briefings aim to keep key stakeholders informed about the ongoing regulatory and enforcement measures, ensuring that local leaders are engaged and supportive of the efforts to create a sustainable and equitable cannabis industry in New York State.
Market Update: New York’s Growing Cannabis Industry
The Office is proud to report to the CAB on the significant progress and impressive growth within New York’s cannabis industry. In May, sales experienced a substantial increase of $4.4 million, totaling $46.2 million for the month, with a new weekly sales record of $12.5 million set at the end of the month.
Projections indicate that cannabis sales in 2024 will surpass $200 million by early June, highlighting the sector’s rapid expansion and increasing consumer adoption.
Thus far, the total number of adult-use licenses issued in 2024 is at a high of 503, with an impressive 55% being held by Social and Economic Equity (SEE) applicants. This milestone underscores the program’s unwavering dedication to promoting diversity and supporting underrepresented communities.
The ownership statistics of licenses are as follows: 39% minority-owned businesses, 39% women-owned businesses, 9% service-disabled veteran-owned businesses, 8% distressed farmers, and 6% Community Development Initiative (CDI) recipients. This diverse participation highlights New York’s commitment to fostering an inclusive and equitable cannabis industry.
Our continued progress exemplifies our steadfast commitment to building a fair, thriving cannabis market for all New Yorkers.
To date there are 137 dispensaries open for business across the Empire State.
A full list of New York’s licensed, operational adult-use cannabis retailers is available here.
Photo credit: Source.
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