New York Extends Cannabis Licenses to Boost Adult-Use Market

NEW YORK– New York Governor Kathy Hochul recently signed a bill that extends the licenses of cannabis cultivators and processors in an effort to expedite the establishment of the state’s adult-use market. As state regulators have yet to issue permanent licenses, the current permits are still considered provisional.

Under the new law, the licenses will be extended until June 30, 2024. In addition to license extensions, the bill also emphasizes the adult-use program’s social equity goals by mandating that conditional license holders participate in a social equity mentorship program.

State Senator Michelle Hinchey, who sponsored the bill and chairs the Senate Agriculture Committee, highlighted the positive impact the legislation will have on Upstate and Hudson Valley communities. She stated that the package of four bills she authored, which recently passed the state legislature, aims to strengthen these communities.

Despite the progress made in awarding licenses, the implementation of adult-use cannabis dispensaries has been slow across New York. According to the state Office of Cannabis Management (OCM), a total of 215 adult-use cannabis retail licenses have been granted since the market launched. However, only 12 operational adult-use retailers currently exist, with three operating solely as delivery services until they can open their physical storefronts.

The extension of licenses is expected to provide cultivators and processors with additional time to establish their operations, ensuring a smoother transition into the adult-use market. As the adult-use program develops and more dispensaries open, the state anticipates increased economic opportunities and a stronger focus on social equity in the cannabis industry.