New York State’s Office of Cannabis Management (“OCM”) held a board meeting on June 23, 2022, with nearly 600 attendees in virtual attendance through online streaming. Continue reading “Report of New York State’s Office of Cannabis Management (“OCM”) Board Meeting, June 23, 2022”
The Cannabis Control Board (“CCB”) of New York State’s Office of Cannabis Management (“OCM”) held an important special board meeting in which it approved several resolutions implementing New York’s Marihuana Regulation & Taxation Act (“MRTA”). Signed into law on March 31, 2021, the MRTA legalizes adult-use cannabis (also known as marijuana, or recreational marijuana) in New York State. Continue reading “New York Regulators Approve New Rules on Packaging, Labeling, Advertising and Testing As Part of Its Adult-Use Retail Market Launch”
New York State’s Office of Cannabis Management (“OCM”) held a board meeting on May 19, 2020. As always, the meeting was available for observation by the public through online streaming. Continue reading “New York’s Office of Cannabis Management Grants Cultivation Licenses and Encourages Enthusiasm for Dispensary Licenses”
By Hugh Jacobsen
Tremaine Wright, the Chairwoman of the Cannabis Control Board of the New York Office of Cannabis Management (OCM), on October 28, 2021 gave a presentation to the Cannabis Committee of the New York State Society of Certified Public Accountants on various items relating to cannabis regulation in New York.
At this presentation, Ms. Wright went over various features of the Marijuana Regulation and Tax Act. She noted that there will be preference to individuals and communities injured by the War on Drugs and reiterated the goal of the legislation to ensure that at least 50% of the licenses go to social equity applicants. She noted that there are nine different types of licenses provided in the statute and that vertical integration will generally be prohibited. However, New York will take steps so that micro businesses will not have to raise as much capital that would be required by other entities. In addition, there is no consideration currently being given to a residency requirement for obtaining a license. In response to a question on capital requirement, she did note that she had heard that people were spending over a $1 million to open up a retail dispensary, and she thought it could be done for less. She also encouraged the industry to provide more education so that people do not enter into significant financial commitments (such as rent) earlier than necessary. Continue reading “Tremaine Wright presents to the NYSSCPA Cannabis Committee”