Supreme Court Settlement Paves Way For New York Medical Marijuana Shops To Enter Adult Market On Dec. 29 – The Cannabist Company Holdings Inc (OTC:CCHWF), Acreage Holdings (OTC:ACRHF)


New York Cannabis Shops Finally Get Green Light to Sell Recreational Weed

After months of legal battles and regulatory roadblocks, New York cannabis shop owners can finally breathe a sigh of relief as the doors to recreational weed sales are set to open. Last week, the NY Supreme Court lifted an injunction that had halted the licensing process for new cannabis businesses since August. This development comes after a group of veterans sued the state over its licensing procedures, causing a major setback for the industry.

With the injunction lifted, the Cannabis Control Board (CCB) has given the green light to six out of ten licensed medical marijuana companies in New York to begin selling recreational weed on December 29th. This date marks the one-year anniversary of adult-use sales launching in the state in 2022.

The six companies that have been granted permission to sell adult-use cannabis include Columbia Care, Curaleaf NY LLC, Etain LLC (owned by Riv Capital), NYCANNA LLC (owned by Acreage Holdings Inc.), PharmaCann of New York LLC, and Valley Agriceuticals LLC (owned by Cresco Labs).

Tremaine Wright, chairperson of the CCB, expressed relief at putting the litigation behind and moving the cannabis industry forward in New York. She emphasized that there is room for all types of businesses and a multitude of licensing opportunities.

According to the Green Market Report, the six companies will be allowed to set up co-located recreational sales at up to three of their existing medical marijuana shops. However, for now, they are only approved for a single shop that can open on December 29th.

There are four other New York medical marijuana companies that were not mentioned during the CCB meeting but are eligible to transition into the potentially billion-dollar recreational weed market. These companies include Citiva Medical LLC (owned by iAnthus Capital Holdings Inc.), Fiorello Pharmaceuticals (owned by Green Thumb Industries), MedMen, and Vireo Health International (doing business as Goodness Growth Holdings).

The decision to lift the injunction and allow recreational weed sales in New York is expected to have a significant impact on the industry. New York is poised to become one of the leading hubs for legal cannabis on the East Coast, attracting both investors and consumers. Companies like Curaleaf are optimistic about the opportunities that lie ahead and have invested heavily to maximize their presence in the New York market.

Overall, the opening of recreational weed sales in New York marks a major milestone for the cannabis industry in the state. With the legal standoff finally resolved, cannabis shop owners can move forward with their plans, and consumers can enjoy easier access to recreational products.

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