New York Awards MMJ Distribution Licenses
August 5th, 2015
Policy, Top News
New York’s medical marijuana program took a big step forward after announcing the five companies chosen to cultivate, process, and dispense medical cannabis in 20 designated distribution sites across the Empire State. The move follows the signing of the Compassionate Care Act by Gov. Andrew M. Cuomo in July of 2014 and the Health Department’s subsequent “rigorous and comprehensive” review of applicants.
The selected organizations include PharmaCann LLC, Columbia Care NY LLC, Etain LLC, Bloomfield Industries LLC, and Empire State Solutions. Each organization will open four dispensaries and are required to be doing business within six months, which means that medical marijuana should be available for sale in the state by year end. The drug must be grown, processed, and sold all within state, creating some challenges for the firms.
Medical marijuana sales will be subject to a 7% tax, while the new facilities are likely to create hundreds of new jobs. With millions of dollars in infrastructure, the secondary impact on jobs could also boost local economies.
With 43 applications accepted for review, many rejected candidates were dismayed by the results, with a few even rumored to be threatening lawsuits alleging an unfair process. Approved businesses are hoping that these lawsuits wouldn’t hold back the implementation of the medical marijuana program within the state, which is what happened in Massachusetts following similar complaints about an unfair selection process.
In the end, the selection process’ conclusion represents a major milestone for medical marijuana patients within the state.
This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.
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