News & Insights
Entering the Cannabis Market: The Top Five Realities Cannabis Businesses Need To Know
The cannabis industry is growing rapidly, but it is very complex for any cannabis business to navigate for many reasons. Whether you are an entrepreneur considering entering the adult-use cannabis market for the first time, or you’re a legacy operator seeking entry into the adult-use cannabis market, there are a few things to understand. It is important to do your homework, consult experts, and build a strong team that is prepared for the challenges you will face as a cannabis entrepreneur.
Open to All: Your Path to Securing a NY Adult-Use Cannabis License
With the New York State Cannabis Control Board’s recent approval of the state’s general adult-use cannabis regulations, the floodgates are officially opening for New York’s recreational marijuana market. This is big news for legacy partners, entrepreneurs, and businesses looking to get in on the ground floor of what is projected to be a multi-billion-dollar state industry.
NY CCB Meeting Update 9/12/23 – Board Adopts General Adult-Use Regulations
Today’s New York State Cannabis Control Board (CCB) Meeting brought forth significant and long waited developments to the state’s cannabis landscape. The CCB authorized the State’s general adult-use regulations which will enable the much-anticipated general adult-use market to initiate its licensing application process, which is scheduled to commence on October 4th.
U.S. HHS Recommends Cannabis Move to Schedule III of the Controlled Substances Act
On August 30, 2023, the U.S. Department of Health and Human Services (HHS) recommended to the U.S. Drug Enforcement Administration (DEA) that cannabis, currently a schedule I controlled substance, be reclassified as a schedule III controlled substance under U.S. federal law. This recommendation, if adopted by the DEA, could have a monumental impact on the U.S. state legal cannabis industry.
Bipartisan Legislation Introduced to Regulate Hemp-Derived CBD
On July 20, 2023, the Hemp Access and Consumer Safety Act was reintroduced in the U.S. Congress. The long-awaited legislation, originally introduced in 2021, would require the U.S. Food and Drug Administration (FDA) to regulate ingestible hemp-derived cannabidiol (CBD) products the same as other foods, beverages, and dietary supplements.
Everything You Wanted to Know about the NY Cannabis “Farmers Market” Program
On July 19, 2023, The New York Office of Cannabis Management (OCM) unveiled comprehensive guidelines outlining regulations and prerequisites for adult-use licensees interested in participating in the highly anticipated Cannabis Growers Showcases (CGS). This initiative, introduced under the umbrella of the New York Cannabis Law, presents licensed cultivators and processors from the state with an exclusive platform to present their products at events, where consumers can purchase directly from licensed retailers.
Chicago Atlantic Commits $150 million to New York Social Equity Cannabis Investment Fund
New York Governor Kathy Hochul announced on June 30 that Chicago Atlantic Admin LLC has committed an investment of $150 million in the state’s Social Equity Cannabis Investment Fund. The funds will be disbursed as low-interest loans and provide hope for needed financing for justice-impacted individuals leading companies that have received Conditional Adult Use Retail Dispensary (CAURD) licenses.
Federal Cannabis Rescheduling Decision Expected by the End of the Year
The secretary of the U.S. Department of Health and Services has suggested we may know by the end of this year whether cannabis will be rescheduled or descheduled from the Controlled Substances Act, which may be the key to a new revived “green rush” of capital into the financially-challenged cannabis industry.