New York's Cannabis Control Board has approved final regulations for the state's adult-use marijuana market. The regulations allow medical marijuana companies to enter the broader market, but many social equity groups and cannabis farmers are concerned that this will give the larger companies an unfair advantage.
The regulations also allow new companies to enter the medical market for a $200,000 registration fee. They would then have to apply again to enter the general adult market.
The state's Office of Cannabis Management had awarded hundreds of temporary licenses over the past year to cultivators, processors and retailers from social equity groups to help jumpstart the legal market. However, 440 people who have been awarded conditional retail licenses remain blocked from opening by a court injunction.
Forty people spoke at the public comment period for the regulations, and nearly all of them criticized the state for allowing medical operators to enter the adult-use market. They argued that this would give the larger companies an unfair advantage and make it difficult for smaller businesses to compete.
The next hearing in the court case that has stopped licensees from moving forward with their plans is scheduled for Friday.
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