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New York state doubles number of retail weed licenses to 300

NEW YORK LICENSES

New York state doubles number of retail weed licenses to 300

Bloomberg reports that the New York’s Cannabis Control Board will increase the number of licenses under its application process to 300 from 150 after receiving 900 applications for the first spots.

The additional licensees will be selected from the existing pool, control board Executive Director Chris Alexander said.

New York is restricting its initial retail licenses to people who were incarcerated on cannabis charges or who have a family member who has been adversely affected by cannabis enforcement.

SOCIAL EQUITY LOAN

Consternation in New York over social equity loan uncertainty

A USD$200 million fund announced nearly a year ago, which has thus far failed to live up to expectations, is still causing headaches for the very demographic of entrepreneurs that it’s supposed to help, according to Green Market Report.

So far, the fund reportedly has only $50 million to date, and the publication notes that stakeholders say state officials have been cagey about releasing actual documentation on how the funding will be dispersed.

Permit holders have been told the fund will offer 10-year loans between $800,000 and $1.2 million at 10% interest, which Galina German, a conditional adult use retail dispensary (CAURD) license holder in upstate New York, called “shocking”, having been under the impression that the fund’s financial support would be more akin to Small Business Administration loans.

German commented: “On a $1 million loan, you’d pay back $2.4 million over 10 years at 10% interest, something like that.

“I’m worried this will literally bankrupt people.”

REFORM BILLS AND LEGISLATION

Key cannabis reform bills and legislation across the US in 2023

Many federal and state-level bills and legislations are still expected to be filed and reintroduced in 2023 to bring substantial reforms to the current cannabis-related laws in the US, reports Devdiscourse.

The publication explores cannabis reform bills and legislations at the state level including in Hawaii, Maryland, Tennessee, and at the Federal level, including the H.R. 610 Or The Marijuana 1-To-3 Act and the SAFE Banking Act.

Debbie T. Carpenter writes: “The cannabis industry across the United States continues to grow today.

“Because of this, many federal and state-level legislations will be filed or reintroduced in 2023 to provide more sensible cannabis policies and reforms to the current set of cannabis laws in the country.”

TORKIN MANES

Technology, privacy, and regulation in an evolving industry

Questions surrounding the interpretation of Canada’s Cannabis Act were discussed in a recent Business of Cannabis webinar titled, Technology, Privacy and Regulation in an Evolving Industry, chaired by Ashley Keenan, and sponsored by Canadian law firm Torkin Manes LLP.

The webinar panel featured leading Torkin Manes lawyers  Roland Hung, Counsel in the firm’s Technology, Privacy & Data Management Group, and Matt Maurer, Partner and Chair of the firm’s Cannabis and Franchise Law Groups, who were joined by industry experts, Ryan MacIsaac, in-house counsel to Uber Canada, and Matt Harris the Legal Lead at Truss Beverage Co.

In its discussion, the panelists reflected on the industry’s progress since the Act’s enactment, reviewing the goals and purpose of the legislation.

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