The U.S. state of New York plans to issue 1,445 licenses to spur the development of the legal marijuana industry

To spur the growth of the marijuana industry, New York State plans to issue more than 1,400 new marijuana business licenses. These licenses will be given priority to offline stores to help them compete with the illegal market.

According to a recent report by El Espanol, New York State will issue as many as 1,445 new marijuana business licenses in the coming weeks to spur the growth of the legal marijuana industry.

 

According to local media reports, the licenses will be distributed to sellers, manufacturers, or micro-businesses, as various bureaucratic and legal issues arise in the state after marijuana legalization in 2021, making it difficult to enter the market.

 

In late 2022, the first stores in New York to legally sell recreational marijuana opened. Since then, only 40 stores have opened across the state, although the state government hopes to have at least 150 open by the end of the year.

 

Many legal marijuana dispensaries can’t compete with the illegal marijuana market, which is sometimes nearly identical to licensed operations.

 

For new licenses, the government wants to give priority to companies that are already leased or owned. New licenses will be issued in January or February.

 

In November 2022, The New York Times reported that more than 270,000 kilograms of marijuana were sitting in warehouses because legal stores could not open.