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The New York State Cannabis Control Board advanced the so-called Seeding Opportunity Initiative by approving the final regulations for Conditional Adult-use Retail Dispensary (CAURD) licenses, the key to get the ball rolling.
The resolution that passed Thursday approves the application form for CAURD licenses and establishes that the Office of Cannabis Management (OCM) must post the opening date on its website at least 14 days before the application period opens, which is expected later this summer.
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New York's First Legal Cannabis Dispensaries Coming Soon
Through the initiative, the state’s first legal adult-use cannabis shops will be operated by individuals who were most impacted by the enforcement of cannabis prohibition and those who have strong business backgrounds.
According to the OCM, those individuals will make the first sales of adult-use cannabis in the state grown by state farmers before the end of 2022.
The approval came after a review of over 600 public comments on the proposed regulations for the CAURD licenses, which will be posted on the OCM website.
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The OCM says with the Cannabis Control Board’s approval, according to a local CBS outlet, the regulations will go into effect on August 3, 2022.
Application for CAURD licenses requires individuals to submit materials proving they have a qualifying cannabis-related offense, documentation of a qualifying business or nonprofit and other basic applicant information.
BREAKING: Cannabis Control Board just approved the regulations & application for Conditional Adult-Use Retail Dispensary licenses, advancing the Seeding Opportunity Initiative.
— NYS Office of Cannabis Management (@nys_cannabis) July 14, 2022
NY’s 1st cannabis dispensaries will be owned by those harmed by the overcriminalization of cannabis.
Under the Seeding Opportunity Initiative, CAURD licenses would be awarded to equity entrepreneurs who must meet two prongs of eligibility to qualify: First, they must have a cannabis-related conviction that occurred before the passage of the Marijuana Regulation Tax Act in March 2021 or had a parent, guardian, child, or spouse with a cannabis-related conviction.
They must also have experience owning and operating a successful business in New York.
Photo courtesy of author
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.