New York Approaches $1 Billion in Sales.
Ballot Measures are In.
Rescheduling.
November was a big month for our industry. Important cannabis news includes:
- A presidential election is finally over. Cannabis ballot measure results are mostly in
- Stakeholders remained poised for the first Rescheduling hearing set for December 2, 2024 – a hearing that will not include the planned testimony from selected participants
- New York State is on target to hit $1Billion in retail cannabis sales this year
- New York State clocked 252 total retail dispensaries open for business – with New York City’s own cannabis culture icons Vladimir Bautista and Ramon Reyes opening up their second dispensary in Brooklyn, NY
- A cannabis update from Morocco, and more…
Cannabis Means Business (CMB)
Another happening in November was CWCBExpo’s rebrand to Cannabis Means Business (CMB). The new CMB is designed to better serve the modern cannabis industry and build your business to seize and create the future. New York is not just a sales epicenter – it’s a hub of cannabis commerce, culture and insight, influencing the cannabis market on a national and international level.
Cannabis Means Business–New York Global Edition is a business-to-business conference and expo that reflects the rapid growth of cannabis as a legitimate global industry.
Cannabis Means BUsiness, Conference & Expo
June 4 – 5
Javits Convention Center, NYC
Rescheduling News
DEA December 2nd Hearing to be Without Testimony
On December 2, 2024, the Drug Enforcement Administration (DEA) will hold its first hearing about rescheduling cannabis from a Schedule I to a Schedule III drug – without the planned testimony from the many selected participants. Full hearings with testimony have been delayed into 2025. As this first hearing approaches, there is a lot of anticipation surrounding it.
NCIA and the Rescheduling Hearing
The National Industry Cannabis Association (NCIA) reported that they have been selected to participate at the December 2 hearing. As a member of the NCIA, CMB thanks the NCIA for their continued efforts and advocacy for the cannabis industry.
New York State Cannabis News
New York State Office of Cannabis Management, Cannabis Control Board
New York State has continued its efforts to strengthen and expand the build-out of its cannabis industry. The most notable and exciting news is that the state is closing in on $1 billion in retail cannabis sales by year’s end. In addition, the Cannabis Control Board held a meeting on November 12, 2024, resulting in a number of approvals and decisions including:
- Adult-Use License Approvals
- Medical Cannabis Patients and Increased Access Across NYS
- Processing Type 3 Branding Licenses
- Market and Social Economic Equity Report for NYS
New York City Cannabis Culture Icons Open Second “Happy Munkey” Dispensary
Congratulations to Vladimir (Vlad) Buatista and Ramon Reyes, Co-Founders of Happy Munkey who have successfully opened up their second retail dispensary in New York City. With Happy Munkey, Vlad and Ramon have built a thriving lifestyle brand that has helped shape New York City’s iconic cannabis culture.
Their hard work and passion recently evolved into two culture-forward legal cannabis dispensaries in upper Manhattan and Brooklyn. Their first dispensary opened this past September on Dyckman Street, in Manhattan’s Inwood neighborhood. Their second opened in November and is the first legal retail dispensary inside the Fulton Mall in Downtown Brooklyn.
Both Vlad and Ramon and their new dispensaries were recently featured in the Brooklyn Paper.
Learn more about Vlad and Ramon and their iconoclastic Happy Munkey enterprise.
Recent New York Adult-Use Dispensary Openings
As November comes to a close, the OCM has reported that a total of 252 legal Adult-Use dispensaries are now open for business.
Congratulations to these newly opened dispensaries in NYS:
Happy Munkey Brooklyn
BROOKLYN | 453 Fulton St, Brooklyn 11201
Website: happymunkey.com
Just Breathe Syracuse
MANLIUS | 185 W Seneca Street, Manlius 13104
Website: https://dutchie.com/dispensary/just-breathe-syracuse/info
Twisted Vibration
BROOKLYN | 301 Broadway, Brooklyn 11211
Website: twistedvibration.com
Fireleaf
BROOKLYN | 2102 Ralph Avenue, Brooklyn 11234
Website: fireleafny.com
Rochester’s Finest Cannabis Dispensary
ROCHESTER | 74 Lake Avenue, Rochester 14608
Website: rochestersfinestcannabis.com
Waterman’s Greenhouse LLC (dba Greenside Cannabis)*
*This location is a microbusiness with retail dispensary.
EAST CONCORD | 12317 Vaughn Street, East Concord 14055
Website: greensidecannabis.com
Munchies Dispensary
QUEENS | 8701 Rockaway Beach Blvd, Rockaway Beach 11693
Website: munchiesdispensaryny.com
Budd’s Dispensary
CATSKILL | 70 W Bridge Street, Catskill 12414
Website: buddsdispensary.com
NY Cannabis Co.
MANHATTAN | 743 9th Avenue, New York 10019
Website will be provided on the OCM Dispensary Verification page soon.
Northern Lights Dispensary
CANTON | 51 Main Street, Canton 13617
Website: nynorthernlights.com/
THTree
WEST COXSACKIE | 12187 Route 9W, West Coxsackie 12192
Website: thtreeny.com
Weedside
QUEENS | 50-22 72nd Street, Woodside 11378
Website: weedsideny.com
High Tide Dispensary
LANCASTER | 1829 Como Park Blvd, Lancaster 14086
Website: hightide716.com
By Any Other Name
BROOKLYN | 946 Fulton St, Brooklyn 11238
Website: byanyothernamebk.com
Buzzsaw Cannabis Company*
*This location is a microbusiness with retail dispensary.
NEW HAMPTON | 5044 Route 17M, New Hampton 10958
Website: buzzsawcannabis.com
Diamond Tree Dispensary
SYRACUSE | 2700 Erie Blvd E, Syracuse 13224
Website: diamondtreedispensary.com
Root 9 Dispensary
WAPPINGERS FALLS | 1546 Route 9, Wappingers Falls 12590
Website: root9dispensary.com
Misfits Dispensary
ROCHESTER | 420 Jefferson Road, Ste 2, Rochester 14623
Website: misfitsdispensary.com
The Plug
BROOKLYN | 428 Rogers Avenue, Brooklyn 11225
Website: theplugny.com
Juniper NY
MANHATTAN | 229 Avenue B, New York 10009
Website will be provided on the OCM Dispensary Verification page soon
Herbology
BROOKLYN | 304 Ellery Street, Brooklyn 11206
Website: herbologynyc.com
Flower City Dispensary
VICTOR | 8053 Pittsford Victor Road, Victor 14564
Website: nyflowercitydispensary.com
New Jersey Cannabis News
New Jersey Cannabis Regulatory Commission Issues Announcements
New Jersey made significant decisions and announcements as they continue to build the economic layer of their cannabis industry. Among them:
- On the municipality front, the NJ-CRC is trying to build community around legal cannabis and allow towns to benefit from the tax revenue that gets generated by these sales. The NJ-CRC created CREAMMA – Cannabis Regulatory, Enforcement Assistance, and Marketplace Modernization Act which allows municipalities to “opt-in” to allow cannabis businesses to exist in their communities. In return, those communities would economically benefit by reaping a portion of the tax revenue, while also allowing the local governments to control how many cannabis businesses would be allowed in their communities. Up to 2% of the cannabis tax revenue would be allocated to the municipalities who opt-in.
Read more here.
- The Social Equity Excise Fee (SEEF) amount decision for 2025 regarding cultivation has been extended past November 1. It will give the NJ-CRC more time to get an appropriate SEEF rate determined. Learn more from the NJ-CRC.
State Ballot Measures: Election Results
Many States Had Cannabis Ballot Measures
While not all legislative measures passed as the industry may have wanted, it only proves there is much more to work to be done. States that had ballot measures were:
- Florida – Amendment 3, (Recreational Use), Failed
- North Dakota – Measure 5, (Recreational Use), Failed
- South Dakota – Measure 29, (Recreational Use) Failed
- Nebraska – Measures 437 & 438, (Medical Expansion), Both Passed
- Arkansas – Issue 3 (Medical), Votes Not Yet Counted
See a wrap-up of state ballot measures here from Ohio State University Moritz College of Law.
Morocco Cannabis News
Legal Harvest Approved for Export
Morocco has always been an intriguing country. Cannabis, as an industry there, is also interesting and has seen some significant emerging opportunities. While recreational cannabis remains illegal in Morocco, it is quite fascinating that in some parts of Morocco, cannabis is the main economic activity.
This year some notable occurrences have transpired in the Moroccan cannabis space. First, it is important to note that in 2023, Morocco celebrated its first major legal harvest approved for export – for medical and industrial uses. This past September 2024, the King of Morocco – Mohammed VI, pardoned 4,800 illegal cannabis farmers to help build a legal cannabis industry there.
The Moroccan cannabis laws are regulated by the National Agency for the Regulation of Cannabis-Related Activities (Anrac). It is led by Mohammed El Guerrouj. Anrac has been in the process of approving thousands of licenses and is working to make cannabis much more accessible and legal, with the goal of creating prosperity and developing a thriving legitimate Moroccan cannabis industry.
Learn more about these emerging opportunities from Arabian Gulf Business Insight.
This Month’s 2024 Archived Video
Transactions and Services to Expand Your Cannabis Business
We share a session from our recent June 2024 conference that featured innovators and thought leaders who continue to build and shape the modern cannabis ecosystem. In this energetic session, we learn about the importance of transactional platforms that help business owners reach their end goals of expansion, M&A, and more. This session sparks workable and actionable ideas for every cannabis business owner to consider.
Hear from panelists who conduct transactions in the areas of: Mergers and Acquisitions (M&A), leasing and sales of full-scale cannabis operations, compliance, insurance, real estate, loan and credit solutions, payment platforms, and more.
Moderator: Neil Kaufman, Managing Member, Kaufman McGowan PLLC
Speakers: Drew Mathews, Founder & CEO Green Life Business; Jacob Miller, COO, Paybotic; Jeff Booker, Co-Founder and COO, CannaCoverage
