New York State is on track to approve its first recreational cannabis dispensary licenses later this month, officially rolling out the green carpet for the $32 billion legal weed industry to operate in America's biggest city for the first time.
in particular was open only to those both previously convicted of marijuana charges and with a record of operating a successful, profitable business, or a nonprofit with such a “justice-involved” individual in its governing structure. Recipients of CAURD stand to benefit from substantial state investment in the buildout of their business, through loans from the New York Social Equity Cannabis Investment Fund.
Only 150 CAURD licenses are expected to be doled out before the state opens licensure to the broader market, Knowles said, and with over 900 applications statewide, approval is anything but a guarantee. CAURD recipients benefit not only from state investment, but also from the competitive edge conferred by being first in the market.
Ultimately, the state hopes that 50% of licenses across the industry will be held by those from communities most disproportionately targeted by the War on Drugs. The state expects to generate up to $56 million in tax revenue from retail weed sales just in 2023, with revenues expected to grow annually well into nine figures. Much of the revenue will be reinvested in workforce development, education, and social services in the communities most devastated by the drug war’s racially disproportionate enforcement.
Despite the as-yet lack of approved licenses, the Big Apple’s budding entrepreneurs have wasted no time attempting to get ahead of the coming tsunami of capital flowing into the legal kush game. Despite the
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