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Takeaways from the NY Bar Association Committee’s January 2021 Meeting on NY Adult-Use Cannabis
On January 27, 2021, NY’s cannabis Czar’s Norman Birenbaum and Alex Bernabe spoke at the New York Bar Association Cannabis Committee meeting. The following is the key takeaways from the meeting on adult-use cannabis:
1. Expect 12-18 months for NY's adult-use program to be up and running once the state budget is passed on or around April 1 (contrast with Arizona's 80 days to first sales from the ballot referendum in November - record time);
2. Anticipate licenses (for industry players) will be pricey - new cannabis office in Albany needs funds to begin operating and wish to subsidize social equity licenses;
3. Expect current NY medical licensees, also known as registered organizations, to provide the "backbone" for the adult use industry though they still need to apply for a license;
4. Micro-licenses contemplated which would allow small grower to sell its own product on premises (like a winery in Napa);
5. No on-premises consumption licenses initially;
6. No home-grow;
7. NJ taxes may be much lower than NY at first blush but NJ will equalize burden/cost with higher licensee fees; and
8. Licenses will be fairly limited to allow each license to have meaningful value and social equity retail licenses to obtain significant market share.
For more information on the topic discussed, contact: