News & Insights
New York Cannabis Leader Resigns Following Critical Internal Review
In a dramatic turn of events for New York’s cannabis industry, Chris Alexander, the Executive Director of the State’s Office of Cannabis Management (OCM) has resigned. This decision comes in the wake of a thorough examination of his oversight of the tumultuous rollout of New York’s adult-use cannabis market. Governor Hochul had previously announced that Alexander would step down at the end of his term in September 2024, but on May 24, Alexander resigned. He will leave his position on June 7, 2024.
Mayor Adams is Taking Action Against Unlicensed Cannabis Shops in NYC
The proliferation of unlicensed cannabis dispensaries has posed a significant challenge to the regulated cannabis market in New York in recent years, especially in the city. With an estimated 2,900 illicit storefronts, these unauthorized outlets not only undermine the efforts of the Marijuana Regulation and Taxation Act (MRTA) and the Office of Cannabis Management (OCM) but also jeopardize consumer safety by peddling unregulated products. On Tuesday, May 7, 2024, New York City Mayor Eric Adams announced he is
finally
planning to crack down on these unlicensed cannabis shops.
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.
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.
New York Updates Proposed Adult Use Dispensary Regulations
Feldman Legal Advisors is pleased to share the recent changes to the New York State proposed adult use cannabis revised regulations, which were released by the Cannabis Control Board (CCB) and Office of Cannabis Management (OCM) last week.
