Cannabis License Opportunities in the Northeast For Q3 2024

Northeast Cannabis Business Updates and Insights

Wait, we’re already gearing up for Q3 2024? How did that happen?! 2024 truly is flying by. But that just means, we get that much closer to newer and more exciting state cannabis opportunities! As we have done in the past, we’ll be doing a deep dive into what’ll be available in a specific region of the country and this time, we’re heading north…east! Let’s check in on how one of the most populous regions of the country is doing.

 

New York Cannabis Updates

Oh New York. Let’s get the bad out of the way first. Not to say that New York is a bad state for cannabis by any means, but the adult-use program rollout has been…not great. A disaster if you want to quote Governor Kathy Hochul. There have been delays. There have been lawsuits. There have been turnovers in the Office of Cannabis Management (OCM). There have been scrapped social equity funds. And, after applicants submitted licensing applications over half a year ago, thousands are still waiting to hear something, anything, from the OCM, spending thousands if not tens of thousands of dollars on rent and mortgage payments for locations which may or may not become actually licensed cannabis businesses. 

So, what can be done with a state like New York?

We’ll be honest, no state has confounded and frustrated us quite like New York has. But ever the “glass is half full” mentality, there are still some silver linings. May 2024 closed with a new weekly sales record of $12.5 million, a 5% week over week growth in the state. Total retail sales have now surpassed $350 million with May setting a new record for sales at $46.2 million. And there are now over 130 opened licenses dispensaries statewide. And, despite the consternation New York has presented with us, there will be more opportunities. 

Many types of licenses are still going to be made available, including highly sought after delivery and consumption lounge licenses. So, what all can you be doing for New York right now? If you haven’t done so already, now is an ideal time to start financial modeling and business planning in a state that is still poised to dominate the national cannabis industry, even if its roll out has been less than sterling.

 

New Jersey Cannabis Is Chugging Along

Want to start your business in a northeast state? You’re in luck with the Garden State! New Jersey is accepting application right now for multiple different license types. This includes: 

• Cultivators
• Manufacturers
• Wholesalers
• Distributors
• Retailers
• Delivery services 
• Testing laboratories

There are plenty of helpful resources available for prospective New Jersey applicants, and we’re happy to chat with you for a consultation or engage in a full license pursuit to get you licensed and operational in this booming state.

 

Massachusetts Cannabis Continues to Expand

Similar to New Jersey, you have a path forward to apply for and receive licensure for cannabis operations in Massachusetts right now. There are currently licensed and operational cultivators, product manufacturers, retailers, delivery, microbusinesses, and couriers. If you meet all the criteria necessary, you may be in a prime position for final licensure as most applicants don’t. Take for instance cultivators, where 187 provisional licenses have been issued statewide, compared to just 24 final licenses. Just be sure you have everything the state is requiring prior to applying for a business license!

 

No Connecticut Cannabis Updates On The Horizon

Our start as Canna Advisors is all thanks to Connecticut, so we will always have this small state close to our heart. With that said, we have some recent news from the Department of Consumer Protection as they said just this month, “There are currently no lotteries being conducted for cannabis establishment licenses. Future lottery dates have not yet been announced.” However, the State has issued cannabis licenses through a lottery process multiple times previously and there is never a bad time to plan accordingly for business operations.

 

Delaware’s New Adult-Use Cannabis Program Pushes Forward

And we’re wrapping up this set of cannabis updates with some insight into probably our most exciting state in the northeast. Delaware is gearing up to be the newest adult-use state with finalized cannabis regulations anticipated in July and the application window opening in September for cultivators, product manufacturers, and retailers. Now is the ideal time to begin planning your license application materials accordingly for this qualifying lottery, including working on your required business plan from Delaware’s Office of the Marijuana Commissioner.

 

Take Advantage of Your Northeast Cannabis Opportunity Today

No matter what state you’re interested in operating in or the anticipated timeline, we at Canna Advisors are eager to help answer your top questions with a one-on-on consultation  or write necessary materials for an application.

It’s never too early (or too late) to begin planning, so contact our Northeast cannabis consultants to discover how you can begin planning for your state.