New York Cannabis
Start Preparing Now for New York Cannabis Opportunities
There has been a lot of political jockeying around the issue of cannabis in New York, but little action taken by the legislature, so the current program that was legalized in 2014 remains limited and heavily regulated. However, the status quo is changing, as New York now shares borders with some states that have legalized marijuana and some that are likely to legalize soon. A recent push to legalize adult-use marijuana through the state’s legislature failed, leading to the expectation that the state will expand the medical marijuana program in the near future.
We expect the state to issue a “Request for Applications” (RFA) for additional medical marijuana business licenses in 2019 or 2020 when the political issues get sorted out. We anticipate all 3 types of cannabis business licenses – Cultivation, Dispensary, and Processing – to be made available. The amount of registered medical marijuana patients in the state of New York is climbing, evidencing a thriving market, and spending on medical marijuana is projected to increase by almost $200 million in the next three years. Contact us and we can show you where the best opportunities are to enter the market and serve patients in New York.
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 are also necessary in 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 medical marijuana 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 medical marijuana 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. There are also cannabis-focused events you can attend like CannaGather New York that facilitate networking and education for cannabis entrepreneurs. Contact us now to get expert support starting a medical marijuana business in New York.
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 has 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 New York medical marijuana market should start their pre-license positioning now to get ahead of the competition. Contact us today for expert business guidance to ensure the long-term success of your New York cannabis business.
Stay up-to-date on the New York Medical Marijuana Market
Cannabis legalization is changing quickly, and Canna Advisors can help your cannabis business evolve and expand with the industry. For the latest news and events about cannabis, visit our Blog and News and Events pages, plus have a look at some of the following top articles on cannabis legalization in New York.
“With recreational pot unlikely, state's medical marijuana program may grow” – The Buffalo News
The Projections For New York
Number of Registered Patients - 2019
Compounded Annual Growth Rate
Source: "The State of Legal Marijuana Markets" by Arcview Market Research / BDS Analytics, 6th Edition.