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New York will begin accepting applications for operating adult-use cannabis dispensaries in two weeks, but only from those who have been impacted by a marijuana offense.
The New York Office of Cannabis Management will only accept applications from “justice involved” individuals, which it defines as someone who was convicted of a marijuana-related offense prior to March 31, 2021, or someone whose parent, child or spouse was convicted. A dependent of a marijuana-convicted person also qualifies.
To be granted a license, a business must meet other requirements. It must be owned and controlled by a justice involved person who owned at least 10% of another business for at least two years that made a profit.
There are also qualifying non-profit criteria. In this area, at least 30% of the applicant is owned by a qualifying nonprofit organization that has a history of serving justice involved individuals and creating vocational opportunities for them.
Multi-state operators: Cresco Labs (OTCQX:CRLBF); Columbia Care (OTCQX:CCHWF); Trulieve Cannabis (OTCQX:TCNNF); Green Thumb Industries (OTCQX:GTBIF); Curaleaf Holdings (OTCPK:CURLF); MedMen Enterprises (OTCQB:MMNFF); Acreage Holdings (OTCQX:ACRHF); Ayr Wellness (OTCQX:AYRWF); Verano Holdings (OTCQX:VRNOF); and Jushi Holdings (OTCQX:JUSHF).
Cannabis-related ETFs: AdvisorShares Pure Cannabis ETF (YOLO), Amplify Seymour Cannabis ETF (CNBS), ETFMG Alternative Harvest ETF (MJ), AdvisorShares Pure US Cannabis ETF (MSOS), and Global X Cannabis ETF (POTX).
Cantor Fitzgerald recently said it expects MSOs to post better than expected quarterly sales despite a potential margin decline.
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