CT Cannabis in 2022...Not So Fast.
The state of Connecticut had targeted the end of 2022 to roll out its adult-use cannabis market, but now the state believes this target date is unrealistic and will move it back to some point in 2023. How the laws in the state are written, cannabis sold in the adult-use market is expected to come from the state's four existing medical marijuana producers, which all have applied for licenses to grow for the recreational market, and three have already been approved. As of yesterday, the state department had issued nine provisional cultivator licenses, six provisional micro-cultivator licenses, and 27 provisional retail licenses.
Rhode Island Sales Starting Next Week.
Governor McKee of Rhode Island said adult-use cannabis sales would start next week. "This milestone is the result of a carefully executed process to ensure that our state's entry into this emerging market was done in a safe, controlled, and equitable manner," McKee said in a press release. "It is also a win for our statewide economy and our strong, locally based cannabis supply chain, which consists of nearly 70 licensed cultivators, processors, and manufacturers in addition to our licensed compassion centers," he said, adding that he's grateful to lawmakers for passing a marijuana legalization bill that he signed in May. Excellent job, Rhode Island; this is a massive milestone for the industry and is an excellent example for those four states that just legalized cannabis in the November election of how to bring cannabis to their respective markets rapidly.
New York Is Coming, MAYBE!
The draft regs for NY came out last week and are unsuitable for MSO's.
There is a 60-day public notice and comment period. If there are substantial changes, there will be another 45-day period after that. Yes, it's just the first draft of the NY regs! The final draft will look very different after the NY and the industry negotiates! With limited capital available to smaller operators, if NY wants a successful program, they will need to negotiate with the existing RO's! That is just part of the problem for NY and the MSO's. New York legalized cannabis back in 2019, and the delay in launching its legal market has caused the black market to run rabid. You have a state like Rhode Island that is launching its adult-use market next week after legalizing it in May, yet New York legalized cannabis back in 2019! The good news is that we have some movement in the state. New York issued its first 36 cannabis dispensary licenses on Monday, taking a monumental step in establishing a legal and lucrative marketplace for recreational marijuana. The licenses approved by the state's cannabis control board were the first of 175 the state plans to issue, with many in the first round reserved for applicants with past convictions for marijuana offenses. "Today is a monumental day for New York's nascent cannabis industry," said Tremaine Wright, who chairs the cannabis control board. "With the first adult-use retail dispensary licenses in the hands of businesses and eligible non-profits, we've ensured the first sales will be made at dispensaries operated by those impacted by the unjust enforcement of cannabis prohibition." This is a big step for the state, so hopefully, we will get more movement in the coming months. Still, running a successful business in New York will be tough if these companies compete with untaxed, untested, and unchecked cannabis from the black market.
