New York Cannabis Market
Start Preparing for Cannabis Opportunities in New York
It’s official — Governor Cuomo signed adult-use into law on Wednesday, March 31.
Start now to get your best chance at entering what could be one of the largest cannabis markets in the U.S.
After much political jockeying and anticipation, New York has finally legalized adult-use cannabis. Details are still sketchy, but we know the number of licenses will be limited and competition will be fierce. Learn what we know now.
Savvy entrepreneurs should start putting together a financial model and business plan now, which will help position them to raise capital, secure properties, win local approval, and recruit potential team members. These preparatory documents are crucial to inform investors and will give them a head start on the eventual license application.
We have been on the ground in New York speaking at events to educate entrepreneurs, working with lawyers and ancillary businesses, and meeting our clients to support their cannabis business success.
Contact our cannabis consultants today to discuss what you should be doing now to be properly positioned to win a competitive cannabis license in New York.
Cannabis Business Guidance in New York
There has been a swirl of cannabis rumors and activity in New York due to the legislature’s recent focus on the issue. We can help you sort out the facts, educate you on the actual market conditions and opportunities, provide specific information based on what type of cannabis business you want to start, and begin developing real goals and plans. Bob Wagener, our VP of Business Development, shares more insights about getting started in new states here.
Get prepared IN ADVANCE for the state’s request for applications to open a licensed adult-use cannabis business in New York. The most immediate actions you can take now to increase your chances of winning a competitive cannabis business license are to begin putting together a business plan, get involved with or initiate advocacy efforts, and seek out local ancillary businesses to partner with, such as CPAs and law firms.
Market Conditions in New York
Currently, 10 Registered Organizations (ROs) have been approved for operation in the state. Each of these cannabis businesses is allowed a maximum of four dispensaries. Patients may purchase up to a 30-day supply of state-mandated cannabis products, and loosened restrictions on types of products able to be sold have given patients more variety of medicinal delivery methods.
New York’s medical marijuana patient count is projected to increase by almost 50,000 patients in the next 3 years, and projected spending on medical marijuana is expected to increase to $504 million by 2022. Entrepreneurs and investors who are interested in getting into the upcoming New York adult-use market should start their pre-license positioning now to get ahead of the competition.
New York Cannabis Industry Projections
Registered medical marijuana patients (2019)
Compounded annual growth rate
Source: "The State of Legal Marijuana Markets" by Arcview Market Research / BDS Analytics, 7th Edition.