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Happy weekend everyone. We at NY Cannabis Insider had another busy week, let’s take a look at the stories we covered.
We covered a banger of a Cannabis Control Board meeting on Wednesday, at which members issued another 212 CAURD licenses, set strict limits on intoxicating cannabinoids in hemp products and approved the idea of growers’ showcase events.
The mass approval of new licenses – which brings the total number of conditional adult-use dispensaries to 463 – and other votes on Wednesday signaled a renewed effort on the part of regulators to speed up dispensary openings and launch the general licensing process as soon as possible.
NY Cannabis Insider Editor/Publisher Brad Racino talked to more than 10 stakeholders about the huge expansion in CAURD licenses CCB members approved, and how it could affect New York State’s legal cannabis industry.
The people Brad spoke with discussed whether the move is a good or bad thing for the overall marketplace, any long-term effects of the decision, and possible legal repercussions.
We ran a story about how the new rules for New York’s hemp program will affect the industry, especially among businesses who have been legally selling products containing hemp-derived THC, and other intoxicating cannabinoids.
The move will force drastic changes for New York companies that have utilized a hemp-derived loophole created via the 2018 Farm Bill to legally sell weed edibles containing the same amount of THC as those sold at licensed adult-use dispensaries.
Now that regulators have officially blessed the idea of cannabis grower’s showcases, growers and others are bullish on the events. Most cultivators haven’t been able to sell the weed they grew last year, because so few dispensaries have opened across the state. These events are supposed to provide them with venues at which they can finally earn some revenue.
The board approved the events at their meeting on Wednesday. According to regulators, each event will need at least three cultivators and one CAURD licensee, and organizers must receive municipal approval before seeking OCM approval for a showcase event.
Wayne Margulies, a cannabis insurance specialist with HUB International, contributed a guest column about insurance needs for growers’ showcases. To date, the OCM has released little-to-no regulations on insurance requirements, except the known, state-required workers compensation and disability coverages, he wrote.
Frequent NY Cannabis Insider contributor Paula Collins, a tax attorney dedicated to the cannabis industry and a co-founder of the NY Consortium of Cannabis Accountants, wrote a guest column on why she represents unlicensed cannabis businesses. “My clients think outside-the-box. They are survivors. They can problem-solve on the fly. They work efficiently and tirelessly,” Collins wrote.
We ran a story about the New York City Economic Development Corporation launching a loan fund – to which it will contribute $8 million – for licensed cannabis businesses in the city. The Cannabis NYC Loan Fund will provide flexible capital at below-market rates to NYC-based early-stage cannabis businesses that are owned by social and economic equity applicants.
Chris Myers, a CAURD licensee and Owner/Founder of The Greenery Spot in Johnson City, wrote a piece about his experience opening a dispensary in which he gives advice to other CAURD licensees.
Continuing our “NY’s women in cannabis” series, we ran a profile on Elizabeth Kase, the co-chair of the Cannabis Law Practice Group at Ruskin Moscou & Faltischek.
We also added a new entry to our “People to know in NY cannabis” series: Andrew DeAngelo, the founder and CEO Andrew DeAngelo Consulting, which serves dispensaries, cultivators, processors and distribution companies.
Lastly, we posted attorney Jeffrey Hoffman’s latest Ask Me Anything segment, in which he answered questions about unlicensed dispensary raids, cannabis legality on airplanes and more.
Have a great weekend everyone, we’ll be back with plenty more next week.