New York is a difficult place to try to launch a cannabis startup given the evolving regulatory landscape in the state. Entrepreneurs are going to need help from people with industry experience. That's where the Latino Cannabis Association (LCA) steps in.
LCA is a trade association incorporated under the laws of New York with the purpose of social welfare. The organization aims to work with small business professionals and give them the tools required to be successful in New York's new adult use cannabis industry.
"These are folks who already understand compliance, understand regulations ... so all of our members already know how to navigate New York City, navigate all the intricacies," Jeffrey Garcia, president of LCA, said Wednesday at the Benzinga Cannabis Capital Conference.
The Plan For New York: Of the organization's 25 members, more than half plan to apply for retail locations. One dispensary license in New York is good for three separate dispensary locations, Garcia said.
"We need capital. Pre-licensure capital to get through that process and obviously post-licensure capital to build out these businesses," Garcia said.
LCA is also seeking additional partnerships with individuals with cannabis experience in other states, he said.
"We need folks with experience in other states to join forces with some of our members to grow out these businesses," Garcia said. "Capital is the most important thing right now that we're looking for, but yes we are looking for operators, we are looking for Latino investors."
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