Tri-State Update (Maryland Bonus)

New York Program Updates

New York’s adult-use regulations are effective and the first application period for certain adult-use licenses is underway!

At the Cannabis Control Board (CCB) meeting on October 17, CCB announced that they would be extending the deadline for applications by two weeks. The OCM will now commence its first review and approval process for retailer and microbusiness (with retail) applicants with property control who apply with property by 5:00 p.m. ET on Friday, November 17, 2023. All remaining applicants (including Retailer and Microbusiness without property control) now have until 5:00 p.m. ET on Monday, December 18, 2023 to submit their applications.

Read more details related to Social and Economic Equity Applicant applications, how many licenses will be awarded, and the review and selection process here.

Applications for new registered organizations will open on October 31, 2023 and are due by 5:00 PM on December 19, 2023. You can view a sample application here and application instructions here.

New York Regulatory Meetings

The Cannabis Control Board (CCB) met on October 17, 2023. The recording may be viewed here. Meeting highlights include:

  • Extension of the ongoing adult-use application period by two weeks

You can follow OCM and the CCB’s day-to-day activities on their Instagram account @nys_cannabis

New York Events

October 16 – November 21 | Black Institute Group’s Marijuana Education Development Series

Vicente LLP partner Jennifer Cabrera presented during the first week of the Black Institute Group’s Marijuana Education Development Series, which is specifically designed to assist minorities and MWBEs with breaking into the emerging legal cannabis industry and redressing the disproportionate harm inflicted on minority communities by the historic criminalization of cannabis. Classes will be held in person in Brooklyn, NY.

October 10 – November 16 | OCM Roadmap to Adult-Use Applications Seminar Series

OCM is hosting an in-person and virtual event series titled “Roadmap to Adult-Use Applications.” These will take place across the state – please check the link above to find the seminar most convenient for you.

New Jersey Program Updates

Applications for Class 3 Wholesaler, Class 4 Distributor, and Class 6 Delivery licenses opened on Wednesday, September 27. Review the Cannabis Regulatory Commission (CRC)’s pre-application webinar here.

The CRC is seeking public comment on the proposed rules to expand the edible selection in New Jersey. Notably, these proposed edible rules will enhance the variety, safety, and quality of edible products. Under these rules, available ingestible products will only include shelf-stable, ready to use items that do not require cooking, baking, or storage in sterile environments. Comments may be submitted via this link until December 15, 2023. If you would like to discuss these regulations and/or your public comments, please do not hesitate to reach out to your Vicente team contact.

Amendments to the Clinical Registrant Regulations were filed. Please reach out with any questions regarding these amendments.

The CRC proposed regulations governing the operation of cannabis consumption areas. The public comment period on these proposed regulations is closed and we now await the final regulations. 

At the October 19 CRC meeting, they announced that there are now more than 60 open dispensaries across 18 counties.

New Jersey Regulatory Meetings

The CRC’s next meeting is scheduled for December 7, 2023 at 1p.m. You may livestream via YouTube; the link and agenda will be posted here once available. 

The CRC last met on October 19. The recording can be found here. Highlights from this meeting included:

  • Approval of name, location, and ownership changes

  • A licensing update that the CRC has approved 1,259 conditional licenses, 157 conversions to annual licenses, 112 annual licenses, and 60 expanded ATC certifications to date

  • An update from the Public Engagement and Education Committee on its efforts

Connecticut Program Updates

The Department of Consumer Protection released data from September’s cannabis sales. Sales for adult-use cannabis and medical marijuana totaled nearly $25 million in September. The adult-use market recorded over $14.3 million in sales and the medical marijuana market recorded almost $11 million in sales. The average price of products for medical marijuana patients was $38.21 and the average price of adult-use products was $38.37. 52% of sales were usable cannabis/flower, 30% were vapes, and 11% were edible products.

The full Social Equity Council will meet on November 8, 2023 at 10 a.m. The link to view will be made available when the agenda is posted on this webpage. Other committee meetings are also advertised on that site.

Maryland Program Updates

The Maryland Cannabis Administration (MCA) recently released new information about the upcoming licensing round, including application instructions, an evaluation worksheet, and application templates. MCA also published an FAQ page. The 30-day application period opens on November 13, 2023, at midnight ET and closes on December 12, 2023, at 5 p.m. ET.

Read more about Maryland's new licensing round information here.

The Maryland Cannabis Administration (MCA) and its Office of Social Equity (OSE) opened their social equity verification portal. This portal is still open until November 7. As a reminder, the first round of licensing is only open for verified social equity applicants. Access to the portal will only be granted after a Cannabis Business Licensing Interest Form is completed. This form includes an assessment that applicants must receive a perfect score to receive their portal link. The assessment may be taken as many times as necessary to receive that perfect score and is intended to ensure that all potential applicants understand the upcoming application process. There is no fee to submit the Cannabis Business Licensing Interest Form or to utilize the verification portal. 

Maryland Regulatory Meetings

When scheduled, public meetings will be noticed here.

Market Analysis & Pro Forma Templates

Did you know that Vicente's Economics and Research Department offers detailed market analysis and pro forma templates designed for key east coast states?

These in-depth analyses and pro forma templates are available for a flat fee and ready to help you launch your business plans and expansion. We have products available for Connecticut, Maryland, New Jersey, and New York that can be used by cultivators, manufacturers, and/or retailers whether you are a standalone enterprise or a vertically integrated business.

These tools will allow you to demonstrate your growth potential to investors and partners and provide detailed monthly projections on capital and operational expenses, production and sales volume, and value creation along the supply chain. The models then combine demand and supply to calculate not just your detailed revenue, expenses, gross margins, and EBITDA but also your wholesale and retail market capture.

Propel your business with sophisticated market and financial planning tools by contacting our Economics and Research Department today!  

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