Tag: New York
Interview with Renata Serban, CPA (& more!)
Fall Season. Back to School.
Back to Business.
The Fall season is just starting, students are back at school, and businesses are shoring up their planning.
In this Newsletter we feature Renata Serban, with a brief follow-up conversation from her podcast earlier this week.*
With such a background and experience, when you advise new and existing entrepreneurs, how do you recommend they plan their finances for profitability, growth, and compliance while capital may be scarce?
A: Renata – My overall recommendation, and many business people will agree with me, is that before you start a business you need a business plan. For some reason, many start-up cannabis operators are ignoring it.
During the process of development of the business plan an entrepreneur will identify and analyze many aspects of business operations. For example, if it’s cultivation, what is the size of the lot or area where the plants will be grown, how many harvests will be during a year, what is the selling price per pound, how many employees are needed, what is the cost of build out, what are the other costs needed for getting the product ready for sale, who are the competitors, who are the potential partners?
When going through all of these thoughts an entrepreneur can have a much better idea how much funding is needed, what compliance is necessary since a business plan has to be tailored to cannabis regulations, and estimate potential growth by predicting how the market will move with time.
Scarce capital is always an issue not just for cannabis operators but for many other industries. Yes, there are more loans available for non-cannabis industries but many banks prefer operational businesses and very often the start-up non-cannabis businesses also struggle with capital raise.
Having a solid business plan with detailed financial projections is a must for any capital raise. Strong consideration also has to be given to strategic partnerships with other businesses.
“My overall recommendation is that before you start a business you need a business plan. For some reason many start-up cannabis operators are ignoring it.”
Once the company becomes operational, the profitability, growth and compliance is really driven by staying on top of the operations. I’m frequently seeing that some business owners in their first months of operations are over-hiring and over-ordering products. I always recommend starting lean with a smaller team and then gradually grow as needed. The same with products, start with small inventory, see how it goes and then increase purchases as needed.
All processes within the business need to be clearly identified so everyone knows their own responsibilities and has tools to perform those responsibilities. Automating as much of business operations as possible is important for efficient operations.
The marketing and advertising regulations in cannabis are a serious issue to consider when developing brand awareness and attracting foot traffic to the store. Dispensary owners need to think about brand development before the store is open, and they must constantly stay on top of their branding strategy once operations begin.
Prioritizing cash flow management, focusing on customer retention, efficient operations and reviewing financial metrics on a regular basis (at least monthly) are really the keys to growth.
“Prioritizing cash flow management, focusing on customer retention, efficient operations and reviewing financial metrics on a regular basis are really the keys to growth.”
Q: CWCBExpo – You have great experience with one of the largest CPA firms that serve the industry, and you now own your own firm, Highly Elevated CPA. What advice can you give to anyone looking to go out on their own after working for a large corporate company? What steps do you recommend for them to take prior to branching out on their own?
A: Renata – The profession of accounting is currently evolving. There is a shortage of qualified accountants which is due to many factors. Some of them are declined enrollment in accounting programs, high educational requirements along with the complicated CPA exam, stress due to complex compliance rules and long hours during the busy season.
My professional accounting background is very diverse and unique. Back in the day, many CPAs working for public accounting firms would eventually move to private accounting where they would work on accounting just for one company. Nowadays, the trend is in the opposite direction. Many public accounting firms prefer to hire accountants from the private sector since these professionals would most likely know not just accounting, but operations as well. This type of work experience is very useful in public accounting firms which makes them great advisors. This was my path decades ago. I moved from being a controller for a realty management firm to being an accountant at a CPA firm.
The size of the CPA firm is also very important and I was fortunate enough to work for small firms, mid-size and larger accounting firms. The experience was very different at each firm due to the size. At each firm I learned a lot.
Starting your own business is a very challenging and a risky task. Having good technical skills is not enough when branching out on your own. As a business owner you also have to understand that you need to bring new clients. So the main recommendation before you decide to branch out is to have a good business network and have your name out there. There are many super smart accountants that don’t know how to do business development.
It’s also important to identify the goals for your firm, who will be the ideal client for the firm, what services should be provided, how many clients are enough, the infrastructure of the firm, etc.**
“As a business owner you also have to understand that you need to bring new clients. So the main recommendation before you decide to branch out is to have a good business network and have your name out there.”
* Visit CWCBExpo’s “Highest: In The Room” podcast to hear more from Renata Serban.
In the September 26 podcast, KymB gets down and real and specific with Renata about rescheduling, business planning, and the critical importance of proper accounting practices.
** Learn more about the technology to consider in your business plan. In this newsletter we feature a hot business topic from the 10th Annual CWCBExpo 2024 Conference: “High Tech: How Technology Can Drive Your Business.” Hear about seed-to-sale software, humidity control, pre-roll machinery, vape battery technology, and of course, the impact these have on the bottom line. This session was moderated by Renata Serban, Founder and CEO of Highly Elevated CPA.
(More info and the link to watch this video are at the bottom of this newsletter.)
Rescheduling
Rescheduling Update – Prior 280-E Debts Will be Enforced |
In our August newsletter, we highlighted that the Drug Enforcement Administration has delayed Rescheduling cannabis from Schedule I to Schedule III and has set a hearing for December 2, 2024. The stated reason for the delay is that they need to gather more information before a decision is made. Luke Ortner, Senior Counsel, IRS, Office of Chief Counsel, appeared as a keynote speaker in the American Institute of CPAs® and the Chartered Institute of Management Accountants® Cannabis Conference. The senior Counsel was questioned and commented on a variety of issues surrounding the taxation impact on rescheduling. One point made was that the 280-E tax policy will continue to be enforced until rescheduling is completed, and any eventual removal of 280-E is not likely to be retroactive, meaning that any past due IRS debts regarding 280-E are likely to remain collectable liabilities.
New York State Cannabis News
New York State Office of Cannabis Management, Cannabis Control Board |
This month the NYS Office of Cannabis Management (OCM) announced and issued for use a new tool called the Legal Online Cannabis Activities Locator (LOCAL) Map. It is geared to streamline the licensing process and allow for transparency. It also is trying to save applicants money by not having to engage third party services during the application process. In their announcement, the OCM highlighted several aspects of this LOCAL Map tool including that it helps applicants and businesses to:
- Evaluate retail locations
- Check municipal opt-out statutes
- Access data for cannabis licensing in NYS
The LOCAL Map tool has both an Industry-Focused Map tool and a Consumer-Focused Map tool geared as follows:
- The Industry-Focused Map tool is meant for applicants, licensees and stakeholders, and can provide proximity reports, search licenses and provide the data needed to meet regulatory requirements
- The Consumer-Focused Map tool is a dispensary locator map that locates the nearest legal dispensary in New York
NYS Market Update |
There is some very positive news about retail sales in NYS. The NYS Cannabis Advisory Board (CAB) held a meeting on September 24th, and John Kagia, the NYS OCM Director of Policy, provided some sales data on the NYS retail market. Kagia asserted that the revenue outlook by year’s end is quite good and could approach $800MM.
- The total retail sales in August closed in on $100MM
- The total retail sales is projected to be over $500MM by the third quarter
Much of the good sales news was helped by the opening of more licensed dispensaries combined with the crack down on illegal shops, which substantially helped the legal dispensary sales.
Congratulations to These Recent Adult-Use Dispensary Openings
It is noteworthy is that as of September 24, 2024, the OCM reported that 197 legal Adult Use dispensaries have already opened for business. They project that 200 total dispensaries will be opened by the end of September.
Valley Greens
PEEKSKILL | 939 Central Ave, Peekskill 10566
Website: https://valleygreensny.com
Greens Greenery
UNADILLA | 54 State Highway 357, Unadilla 13849
High Peaks Canna
SARATOGA SPRINGS | 137 Maple Avenue, Saratoga Springs 12866
Website: https://highpeakscanna.com
Royal Blend Dispensary
KINGSTON | 2223 NY-32, Kingston 12401
Website: https://royalblenddispensary.com
Alto on Chambers
NEW YORK CITY | 110 Chambers St, New York 10007
Website: https://altocanna.nyc
HighLife Health
NEW ROCHELLE | 19 Huguenot Street, New Rochelle 10801
Website: https://highlifehealth.co
ZenZest
STATEN ISLAND | 2343 Forest Avenue, Staten Island 10303
Website: https://zenszest.com
Lifted
JAMESTOWN | 320 North Main Street, Jamestown 14701
Bodega Express***
NEW YORK CITY | This is a Temporary Delivery Only (TDO) location.
No in-person or pre-order sales are allowed at this location.
Website: https://bodegaexpressny.com
Sparkboro
WASHINGTON HEIGHTS | 704 W 177th Street, New York 10033
Website: https://sparkborony.com
High Stone*
*Transitioned from Temporary Delivery Only (TDO) to Brick & Mortar location
STATEN ISLAND | 1938 Clove Road, Staten Island 10304
Website: https://highstone.nyc
State of Mind Dispensary
LATHAM | 521 Troy Schenectady Road, Latham 12110
Website: https://itssom.com
Gotham Hudson
LATHAM | 260 Warren Street, Hudson 12534
Website: https://gothamnyc.com
White Atmoss
NEWBURGH | 136 Lake Street, Ste 2, Newburgh 12550
Website: https://whiteatmoss.com
Nuna Harvest
MT VERNON | 696 Locust Street, Mt Vernon 11552
Website: https://nunaharvest.com
Beleaf BK
BROOKLYN | 1077 Atlantic Ave, Brooklyn 11238
Website: https://beleany.com
Leaf Plug
AMHERST | 3341 Sheridan Drive, Amherst 14226
Website: https://leafplug.com
Brooklyn Bourne
BROOKLYN | 2223 Church Avenue, Brooklyn 11226
Website: https://brooklynbourne.com
Bleu Leaf Dispensary
BRONX | 2034 Jerome Avenue, Bronx, NY 10453
Website: https://bleuleafdispensary.com
Ether
BUFFALO | 5100 Genesee Street, Buffalo 14225
The Highly Connected Dispensary
ITHACA | 423 Franklin Street, Ithaca 14850
Website: https://thehighlyconnected.com
Etain Kingston
KINGSTON | 445 State Route 28, Kingston 12401
Website: https://etain.com
Reef Dispensary
GREENFIELD CENTER | 2532 Route 9N, Greenfield Center 12833
Website: https://reef-dispensary.com
Satisfied Mind
NORTH TONAWANDA | 31 Webster Street, North Tonawanda 14120
Website: https://wnymind.com
Frass Box
BRONX | 3633 Kingsbridge Avenue, Bronx 10463
Website: https://frassboxcannabis.com
Luxus Botanica
ROME | 8234 Turin Road, Ste 1, Rome 13440
Website: https://luxusbotanica.com
Verilife East Syracuse
EAST SYRACUSE | 5841 Bridge Street, Ste 100, East Syracuse 13057
Website: https://verilife.com/ny/locations/east-syracuse
Sweetlife
MANHATTAN | 1662 First Avenue, New York 10028
Website: https://sweetlife.nyc
New Jersey Cannabis News
New Jersey Seeking Stakeholder Input on Medical Cannabis
Coming up on October, 1, the New Jersey Cannabis Regulatory Commission will have its final virtual session to seek input from stakeholders of medicinal cannabis. They seek participation from healthcare providers, patients, and business owners. They already held three such virtual meetings. These meetings are run by the Product Safety, Packaging, and Labeling Committee , and Permitting and Licensing Committee, and are scheduled as follows:
- All meetings are currently scheduled for 11:30AM – 12:30PM each of those dates
- These sessions are being organized by the NJCRC’s Commission on Public Engagement and Education Committee
- The final roundtable session, scheduled for October 1, will be focused on Permitting and Licensing Committee issues.
If you want to participate, click here. Invitations are required in order to participate, and you will need to fill out an invitation request form.
New Jersey Governor Phil Murphy Signs Hemp Bill
Governor Phil Murphy signed a bill that regulates the hemp market for intoxicating hemp products and prohibits the unauthorized sale to anyone under the age of 21.
National Cannabis News
DOOBIE Act
This month, the Senate Homeland Security and Government Affairs Committee approved the DOOBIE Act: Dismantling Outdated Obstacles and Barriers to Individual Employment. The DOOBIE Act is important because it limits the ability for federal agencies to use past cannabis usage against applicants getting security clearance or getting federal employment. This will certainly help to minimize the discrimination that applicants who use cannabis get when applying for federal jobs that require security clearances. Those applicants can no longer be disqualified solely due to prior cannabis use.
State Ballot Measures this November
Many states have cannabis ballot measures in this election and with early voting, things are already started. All cannabis industry businesses should stay up to date on the various measures that are now being voted on.
Nixon Recordings
The War on Drugs that Nixon unleashed needlessly created decades of injustice to people of the United States. Recently, it was uncovered that Nixon recorded, in his own words, his acknowledgment that marijuana is not dangerous. This revelation was recently found in his recordings that he kept private.
Pickleball Anyone?
Truleive Cannabis Corp. announced in a press release they forged a partnership with the Professional Pickleball Association (PPA), and with MLP by Margaritaville (Major League Pickleball).
This is an early example of a cannabis company sponsoring a sports league.
Germany Cannabis News
Germany’s Legalization
In our February Newsletter we highlighted that Germany legalized limited recreational use. Their plan sought to make it accessible through regulated cannabis non-profit groups with stringent rules regarding possession, age requirements, and grow restrictions among the members. It seems that the illicit markets there, are having a boom of their own while the German plan gets implemented. Several factors have impacted Germany’s legal recreational market. |
THIS MONTH’S CWCBExpo NY 2024 ARCHIVED VIDEO
High Tech: How Technology Can Drive Your Business
This is a discussion about how technology should figure into your cannabis business. We explore how technology affects your ROI and the aspects that can make a difference.
The session is brimming with cannabis business innovators, technologists, and entrepreneurs discussing how technology could impact your business plan and how it can make a difference for your business success. Moderated by Renata Serban, Founder and CEO of Highly Elevated CPA, and joined by iconic leaders from various sectors, this session delivered a very energetic and informative approach on how tech can and will drive your business.
Moderated by Renata Serban, Founder, CEO, Highly Elevated CPA, with: Dawne Morris, CEO and Co-founder of PROTEUS Business Solution; Anthony Pagni, Founder & Co-Owner Perfectionist Rolling Equipment, Managing Partner, Aephex, Automated Pre-Roll System; Dr. Sandra Shen, Founder, ATMOSIScience Inc; Luna Stower, Chief Impact Officer, Ispire Vape Technology.
HITR #20: Renata Serban, Highly Elevated CPA
In this episode, KymB gets the “blunt” facts in a candid conversation In this episode, KymB gets the “blunt” facts in a candid conversation with Renata Serban.
Renata Serban is an award-winning cannabis accountant and Founder/CEO of Highly Elevated CPA. Renata Serban has a wide-ranging background in many disciplines, including chemical engineering and finance, making her eminently qualified to advise cannabis entrepreneurs and guide their businesses forward.
Renata, a Certified Public Accountant and Certified Management Accountant, is driven by a passion to help cannabis businesses start, grow, and thrive. With a unique mix of private and public accounting experience, she has successfully served her clients while advocating for the cannabis industry through state and global organizations.
Renata is excited to see more women entering the cannabis space and breaking down stereotypes. She also discusses the specific obstacles faced by cannabis entrepreneurs, many created by the new business operators themselves, who enter a difficult industry with passionate ideals but without a clearly formulated business plan. She describes the challenges of operating in a highly regulated industry and the lack of specific guidance for accountants. Tune in to learn some fun facts about Renata and hear her thoughts on the future of cannabis—change is coming!
HITR #19: Jane West
In this episode, KymB gets the “blunt” facts in a candid conversation with Jane West.
Jane West is both a leading cannabis activist and CEO of the eponymous lifestyle brand Jane West. KymB refers to West as a true “pilgrim of the plant.” As part of her activism, West founded Women Grow in 2014, a pioneering organization that hosts networking events featuring industry leaders to empower women to succeed and influence the cannabis industry.
West shares her journey as a woman entrepreneur in the cannabis space, the challenges she’s faced, and her vision to make the industry more inclusive for women. From starting all of her businesses as a solo entrepreneur from her home office, to leading a movement, Jane’s story is one of resilience and dedication.
Tune in to hear West’s insights on how to survive as an entrepreneur and advocate in the cannabis space.
HITR #18: Solonje Burnett, The Weed Auntie
In this episode, KymB gets the “blunt” facts in a candid conversation with Solonje Burnett, the “Weed Auntie.”
Solonje is a trailblazing Brooklyn-based entrepreneur and activist in the cannabis space. As a two-time co-founder, first with Humble Bloom, and now as Chief Culture & Community Officer at Erven, Solonje shares her insights on how data and community-driven strategies are shaping the industry.
Solonje dives into her passion for self-care, mental health, and creating mindful moments, all while advocating for more diversity and inclusion. Tune in to hear how Solonje is leading the fight for cannabis by putting community first.
Photo by Mara Hoffman
HITR #17: Dharsh Casinathen, Joyleaf
In this episode, KymB gets the “blunt” facts in a candid conversation with Dharshini Casinathen, Co-founder and President of Joyleaf Recreational Weed Dispensary in Roselle, New Jersey.
In this interview, Dharsh shares her personal journey with cannabis, which began in 2018 as a medical patient in New Jersey. After starting her career as a CPA at KPMG Canada and spending over 13 years at PepsiCo, a Fortune 50 company, Dharsh held multiple leadership roles, building a strong foundation in leadership, finance, and operational excellence.
In 2020, an exciting opportunity in the cannabis industry arose, and Dharsh fully embraced it, marking the start of her true passion for cannabis. She went on to co-found the Joyleaf Dispensary in New Jersey, where she created a retail space that offers the perfect product for every moment, while actively working to destigmatize the plant. Dharsh talks about her love for selling cannabis and her dedication to providing her customers with the best possible experience and service. She explains how her corporate experience guides her thinking and her methods to surviving as an entrepreneur in a difficult retail environment.
The Illegalization of Cannabis: How We Got Here, Where We May Be Going
The Illegalization of Cannabis:
How We Got Here, Where We May Be Going
Tune In to the WNYC Archives
While business owners, investors, medical professionals, and activists look toward the prospect of rescheduling, it begs the question of how did cannabis become a Schedule I drug in the first place? It has been a Schedule I drug since 1970, when Congress enacted the Controlled Substances Act (CSA). With that, the modern war on drugs was born and it has continued to proliferate for decades since.
In 1969, NYC’s own former Mayor Ed Koch, at the time a US Representative, held a conference attempting to classify cannabis differently than what it is today. A broadcast from the archives of WNYC, “Tensions High at 1969 Conference on Marijuana” is quite informative and highlights the history of how cannabis landed on Schedule 1.
Federal Rescheduling
Comment Period to Federally Reschedule Cannabis
At our June CWCBExpo New York Conference Program, we highlighted rescheduling cannabis from a Schedule I drug to Schedule III drug and its implications for the cannabis industry. The Justice Department’s proposed rule change to reschedule cannabis requires a public comment period. The deadline is July 22, 2024.
How to Submit Comments
The public comment period runs through July 22, 2024, and comments can be submitted electronically through their portal. Get your comments in
Why is Rescheduling So Important for Business?
Hear it concisely stated from CWCBExpo speaker Matt Karnes, Founder, GreenWave Advisors.
“The re-classification from Schedule I to III is significant because it removes the punitive 280E tax burden that cannabis operators have had to endure. As a result, cash flow profiles are poised to accelerate at a time when capital is scarce. This marks an attractive entry point for investors as valuation multiples are on the cusp of meaningful expansion.”
–Matt Karnes, Founder, GreenWave Advisors
New York State Cannabis News
Licensing News from the NYS Office of Cannabis Management and Cannabis Control Board
In our May Newsletter, we highlighted the operational changes that governor Hochul started to make at the Office of Cannabis Management (OCM) since the final report from Jeanette Moy, the Commissioner of General Services. Significant changes and announcements in management at the OCM continued this June. NYS Governor Kathy Hochul appointed the following individuals into roles that she expects to help run the OCM more effectively and efficiently:
- Felicia A. B. Reid has been appointed Executive Deputy Director and Acting Executive Director.
- Susan Filburn has been appointed Chief Administrative Officer.
- Jessica Woolford has been promoted to the position of Director of External Affairs.
NYS Retail Cannabis Taxation Rules
More action at the OCM pertains to the taxation of retail cannabis. The OCM has reformed the taxes associated with retail cannabis sales including:
- Repealed the THC tax
- Excise tax on medical cannabis has been reduced to 3.15%
- Other taxes remain in effect such as the wholesale tax, the local tax, and the state tax
Illicit Shops Being Shut Down
NYS and NYC continue to see more legal dispensaries open up and more illicit shops shut down. By June 18, Governor Hochul’s appointed NYS Task Force closed down 114 illegal cannabis shops. This helps increase sales at legal dispensaries and builds a stable and legal cannabis industry throughout the state.
Recent Adult-Use Dispensary Openings
Terrapin Greens LLC
NEW YORK CITY | 587 Fifth Avenue, New York 10017
Website: thetravelagency.co
Gratitude Buds
FISHKILL | 814 NY-52, Fishkill 12524
Website: gratitudebuds.com
SESH NYC
BRONX | 4219 Webster Avenue, Bronx 10470
Website: myseshnyc.com
Air City Cannabis
UTICA | 1707 Oriskany St W, Utica 13502
Website: aircitycannabis.com
NY Elite Cannabis
QUEENS | 4215 Bell Boulevard, Bayside 11361
Website: nyelitecannabis.com
Nicklz
NEW YORK CITY | 797 8th Avenue, New York 10019
Website: nicklzny.com
Bedford Club
BROOKLYN | 1102 Bedford Ave, Brooklyn, NY 11216
Website: bedfordclub.com
Update Exotics
NIAGARA FALLS | 9200 Niagara Falls Blvd, Niagara Falls 14304
Website: upstateexotics716.com
The Higher Co.
SYRACUSE | 123 E Willow Street, Syracuse 13202
More NYS Licenses Issued
The positive news continued all through June and what NYS has been doing to build its cannabis industry statewide. An additional 105 cannabis licenses were issued across various types including, Adult-Use Retail, Cultivator, Distributor, Processor, and Microbusiness.
Kentucky Cannabis News
Cannabis License Application Period Opens July 1
Applications to get a license for medical cannabis businesses begins July 1, 2024. Applications can be submitted via the Kentucky state government portal. Several medical license types will be awarded including, Cultivator, Processor, Safety Compliance Facility, and Dispensary.
Ohio Cannabis News
Ohio Approves First Adult-use Dispensary Licenses
Ohio became the 24th state to legalize the adult-use of cannabis on November 7, 2023. This June, Ohio has approved the first licenses for adult-use dispensaries. They issued 62 provisional licenses and 31 dispensary licenses across Ohio.
Ohio Now Taking Applications for Dispensary Licenses
On June 7, Ohio opened its window to apply for a recreational dispensary license. Medical dispensaries in Ohio are also eligible to apply to sell recreational cannabis is to adults 21 or older, effectively a dual-license.
Pennsylvania Cannabis News
Pennsylvania Introduces Cannabis Legalization Bill
Pennsylvania wants to join the cannabis industry and also pursue expungement for prior cannabis convictions with a newly proposed legalization bill.
Maryland Cannabis News
Maryland Issues Pardons for Misdemeanor Cannabis Offenses
Maryland is among the 24 states that have legalized adult-use cannabis. Maryland Governor Wes Moore issued 175,000 pardons for misdemeanor related cannabis offenses on Monday June 17, 2024. This is a giant step toward trying to help those who have been harmed by the war on drugs. As this action by Governor Moore is welcomed, the damage may never be undone for most, even with a pardon.
Delaware Cannabis News
Delaware Expands Its Medical Cannabis Program
Delaware expanded its medical cannabis program to allow physicians to make medical cannabis accessible a wider range of patients who may benefit from it. In addition, Delaware allows registered patients who are from other states to access Delaware dispensaries.
Netherlands Cannabis News
“Coffee Shops” to Try Quality Regulated Marijuana
The Netherlands is conducting an interesting experiment with the goal of providing options for “coffee shops” in the Netherlands to buy quality weed within a regulated network of growers. This would make both quality and quantity accessible to the “coffee shops” without relying on illegal weed. The regulated program launched in late 2023 and is expanding from two cities to ten cities and 80 “coffee shops” across the Netherlands.
Slovenia Cannabis News
Slovenian Citizens are in Favor of Cannabis Reform
Recently, Slovenian voters gave their opinions about cannabis reform proposals that were non-binding and had no guarantee that they would become law. The two measures that were “voted” on included opinions on home grow for medical patients, and home grow of cannabis plants for personal use. In both instances, the support was over 50% for each.
CWCBExpo Thanks PROTEUS 420
Exhibitor, Women’s Luncheon Sponsor, Women’s Pavilion Sponsor
Why Should You Exhibit at CWCBExpo New York 2025?
Hear what Dawne Morris, Proteus420’s Co-Founder & CEO said about CWCBExpo 2024:
“Attending CWCBExpo was an incredibly enriching experience, making it the most beneficial and rewarding show we’ve participated in within the cannabis industry.
“The event was meticulously organized, facilitating meaningful business-to-business interactions and offering valuable insights into the latest trends and innovations. The vibrant and inclusive atmosphere fostered a strong sense of community, bringing together passionate professionals dedicated to advancing the cannabis sector. The knowledge and connections we gained have already started to benefit our business.
“We highly recommend CWCBExpo for anyone seeking to deepen their engagement with the cannabis community and explore new business opportunities.” – Dawne Morris, Co-founder, PROTEUS420
THIS MONTH’S CWCBExpo NY 2024 ARCHIVED VIDEO
““Fireside Chat with Chair Wright of the New York State Cannabis Control Board”“
In this fireside chat, recorded at CWCBExpo, June 5, 2024, we get the current status of New York State’s market and regulations. Front and center is the vision that Chair Wright sees for the NYS cannabis industry amid the DEA moving forward with rescheduling cannabis from a Schedule I drug to a Schedule III drug.
This session was moderated by Will Yakowicz, Staff Writer, Forbes; with Precious Hester Brown, Founder, CEO, Entertaining & Elevating With Cannabis; Ariel Palitz, Founding Director, NYC Mayors Office of Nightlife; and “Hawaii” Mike, Founder, Chef for Higher
((from the left) Tremaine Wright, Kristin Jordan
The CWCBExpo BLOG: Timely News & In Depth Articles
CWCBExpo blogs contain relevant, timely information. Recent subjects include cannabis research updates and Pennsylvania’s preparation of an adult-use cannabis bill.
Developments in NJ, NY and PA
Each month, Cannabis World Congress & Business Exposition (CWCBExpo) offers a convenient roundup of the biggest cannabis news stories and hemp headlines emerging across the Northeast. Get these updates in your inbox by subscribing to our email newsletter, or follow us on Instagram, LinkedIn, Facebook, or Twitter (now X) to get the most recent edition when it’s published.
What’s new in Northeast cannabis? Although we’re just two short weeks from CWCBExpo 2024, where you can hear from the industry’s leading experts in person on the latest, get up to speed as you get your walking shoes and business cards ready to roll.
New Jersey senators approve bill for cannabis regulators to oversee intoxicating hemp-derived products
New Jersey senators approved a bill, NJ S3235, that would extend the oversight of cannabis regulators to include intoxicating hemp products. The proposed legislation would establish regulations for the production and sale of hemp products containing less than 0.5 mg THC per serving, effectively bringing them under the purview of the state’s Cannabis Regulatory Commission (CRC)
Under the new bill, these products would be exclusively sold in licensed dispensaries alongside cannabis. The legislation also seeks to amend the existing NJ Farming Act to impose limits on THC content in hemp products.
“The main intent… is that there is a phenomenal amount of unregulated, unlicensed, untested cannabis products on gas station shelves and convenience store shelves, and they don’t go through any regulated process.” said Scott Rudder of the New Jersey CannaBusiness Association about the legislation. “Teens have access to this, and this bill attempts to capture that to prevent that.”
New Jersey bill would allow state officials to cap medical cannabis prices
NJ Sen. Troy Singleton (D-7) introduced legislation that would grant the CRC the power to implement price caps on medical cannabis products if necessary. Modeled after Pennsylvania’s statute, the bill empowers the commission to intervene when prices are deemed “unreasonable and inconsistent” with actual costs, allowing for price adjustments at six-month intervals.
The price of medical cannabis has long been an area of focus for patient activists in the state. New Jersey’s medical cannabis prices were among the highest in the United States for several years. While they have decreased since adult-use cannabis stores began to open, average prices are still higher than they are in other states.
Chris Goldstein of NORML, who tracks cannabis prices in New Jersey and Pennsylvania dispensaries, said it’s been difficult to watch legal cannabis in other states become more affordable while NJ’s prices remain sky-high.
“Unfortunately, we’ve been sold the same promises for almost 13 years that prices would come down, and there was more competition and more businesses, but the same businesses have been here the whole time, and prices remain remarkably similar,” Goldstein said to Marijuana Moment.
NYC Mayor Eric Adams orders the closure of 75 unlicensed cannabis shops
A joint task force led by the New York City Sheriff’s office led to the closure of 75 unlicensed dispensaries in New York City, totaling more than 3,800 violations and nearly $6 million in civil penalties.
Called “Operation Padlock to Protect,” the joint operation between the NYPD, the sheriff’s office, and the New York City Department of Consumer and Worker Protection (DCWP) conducted 150 inspections across four days in early May. The results of the operations were announced on May 14th.
While not insignificant, the enforcement efforts are a drop in the bucket. According to city agencies, there are an estimated 8,000 unlicensed cannabis shops across the five boroughs.
PA GOP senator says the state is ‘getting close’ to legalization
Senator Dan Laughlin (R-49) asserts that the Keystone State is edging closer to the long-awaited legalization of cannabis. However, Laughlin emphasizes that achieving this milestone requires collaborative efforts from key stakeholders, urging House and Senate leaders to engage in constructive dialogue with the governor to reach a consensus.
Speaking at a rally organized by ResponsiblePA, Laughlin joined forces with Senator Sharif Street (D-3) and other advocates to champion the push for legalization. He highlighted regional dynamics and recent federal rescheduling actions as catalysts for momentum, but noted that the Pennsylvania legislature is still several steps away from more action.
“We’re getting close, [but]…I don’t think we’re going to get this done until the leaders of the House and Senate sit down with the governor of Pennsylvania and work it out,” Laughlin shared.
Get the latest IRL at CWCBExpo
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Our Industry’s Biggest Holiday, Legalization, Enforcement Authority and MORE
Our Industry’s Biggest Holiday, Legalization, Enforcement Authority, Spring is Here, Opportunity…Bring It All On!
New York State (NYS) Governor Kathy Hochul and the NYS Legislature vowed to support and fund the closures of the illicit cannabis smoke shops across NYS and New York City (NYC) – and they have included funding in the 2025 NYS budget to do it. The approved budget that was passed this April vows to shut down illegal cannabis operations. An immediate action of this approved budget is that NYC Mayor Eric Adams is getting the immediate authority to use New York City’s enforcement powers to inspect, issue violations, and seize cannabis and padlock stores.
– NYC Mayor Eric Adams
4/20 Love Story
This April’s 4/20 had numerous events all over. We share one New York 4/20 love story that celebrates the union of two people who wed on 4/20/24 while highlighting the cannabis plant.
On 4/20, the wedding of Evan Ross Katz, writer and podcaster, and Billy Jacobson, an engineer, took place in Chelsea in New York City. Congratulations!
Dispensary Openings
April saw many dispensary openings across NYC and NYS. Congratulations to the family-owned dispensary “Big Gas” which is the 100th adult-use in-store sales cannabis dispensary to open in New York. They are located in New Paltz.
Below are some of the many openings in April.
Evergreen Retail
FINGER LAKES | 51 N. Main Street, Brockport 14420
Website: www.evergreennyretail.com
Platinum Leaf
ROCK HILL | 196 Rock Hill Drive, Rock Hill 12275
Website: www.theplatinumleaf.com
Late Bloomers NYC
RIDGEWOOD | 57-01 Myrtle Avenue, Ridgewood 11385
Website: www.latebloomers-nyc.com
Flower Power Dispensers
NEW YORK CITY | 22 West 66th Street, New York 10023
Website: www.flowerpowerdispensers.com
Devil’s Lettuce
WEST SENECA | 650 Orchard Park Road, West Seneca 14224
Website: www.devilslettuce.net
Planet Nugg
FARMINGDALE | 2043 Wellwood Avenue, Farmingdale 11735
East Leaf Dispensary
CHEEKTOWAGA | 2442 Clinton Street,
Cheektowaga 14224
Loudpack Exotics
SYRACUSE | 6606 Kinne Road, Syracuse 13214
Website: www.loudpackexotics.com
Mary Janes – A Legacy 2 Legal Dispensary
BUFFALO | 440 Normal Avenue, Buffalo 14213
Leafology Cannabis Company
WHITE PLAINS | 244 Main Street, White Plains 10601
Website: www.leafologycannabiscompany.com
Misha’s Flower Shop
BROOKLYN | 299 Knickerbocker Avenue, Brooklyn 11237
Website: www.mishasflowershop.com
Canna Life NY Inc (dba Hii)
BROOKLYN | 152 Bedford Avenue, Brooklyn 11249
Website: www.hiinyc.com
Purple Plains
POUND RIDGE | 32 Westchester Avenue, Pound Ridge 10576
Website: www.purpleplains.com
Big Gas Dispensary (the 100th Adult Use Dispensary to Open in New York)
NEW PALTZ | 98 N Chestnut Street, New Paltz 12561
Website: www.biggasdispensary.com
CONBUD (Canna Summit)
BRONX | 2412 Third Avenue, Bronx 10454
Website: www.conbudbx.com
Blue Forest Farms Dispensary
NEW YORK CITY | 122 E 25th Street, New York 10010
Website: coming soon
The Weed Shoppe
STATEN ISLAND | 4906 Arthur Kill Road, Staten Island 10309
Elevate Soho Cannabis
NEW YORK CITY | 481 Broadway, New York 10013
Website: www.elevatesohocannabis.com
NYC Licensing News
This month, the NYS Office of Cannabis Management (NYSOCM) was given the authority by the Cannabis Control Board (CCB) to issue 101 new provisional adult-use licenses to applicants across several segments of the supply chain including: retailers, microbusinesses, cultivators, processors and distributors. The measure was granted during an April 11 meeting of the CCB. This new authority allows the NYSOCM to grant provisional licenses faster but ultimately, the CCB will still have to approve the final license.
The latest news from the NYSOCM for April includes the stats below since March 2021 when the NYS Marijuana Retail and Taxation Act (MRTA) passed:
- Total Legal Revenue Sales have reached an impressive $263MM
- 403 Adult-use Licenses have been awarded
- Approximately 7,000 jobs across NYS have been created
- Plus many more
New Jersey News
New Jersey Celebrates Cannabis Milestones
This April 2024 marks a 3-year milestone for the New Jersey Cannabis Regulatory Commission, while celebrating a 2-year milestone for recreational cannabis sales. As part of their impressive achievements, in 2023 the NJCRC reached over $800MM in cannabis sales and expects to reach $1B in 2024.
Nationwide News
Federal Regulatory News: Descheduling vs. Rescheduling
The buzz about descheduling and rescheduling of cannabis continues and will continue until the DEA makes a decision. Among the latest developments around descheduling is the formation of a legislative group who are pushing to have marijuana removed from Schedule 1. The group sent a letter requesting the descheduling to Attorney General Merrick Garland and to Anne Milgram of the DEA.
The group of signers of this letter includes:
- Senator Elizabeth Warren of Massachusetts
- Senator John Fetterman of Pennsylvania
- Representative Barbara Lee of California
- Senator Chuck Schumer of New York
- Senator Bernie Sanders of Vermont
- Senator Kirsten Gillibrand of New York
- Senator Cory Booker of New Jersey
- Representative Earl Blumenauer of Oregon
- …and others
Cannabis Industry Stats
The editors of CWCBExpo want to share an industry statistics this post from Lookah.com. Lookah has gathered extensive stats about cannabis and where it is headed in 2024. It’s very interesting.
Featured Interview: Dawne Morris
Dawne Morris – CEO, Co-Founder, PROTEUS Business Solution, PROTEUS420
This month, we feature a brief interview with Dawne Morris, Co-Founder and CEO of Proteus420, an online enterprise resource planning (ERP) system for the cannabis industry. Dawne is a nationally-recognized cannabis entrepreneur who has been named a Top Women to Watch in Marijuana Venture magazine.
An entrepreneur, a technologist and an advocate, Dawne is a champion of our industry, of women and of the cannabis community. We share our conversation below.
CWCBExpo – Did you ever doubt yourself and how did you overcome that self-doubt?
Dawne – Being a woman in the predominantly male sectors of cannabis and technology has presented numerous moments where self-doubt could have crept in. However, I make it a point not to entertain those doubts. As a professional at the helm of a business, my focus is on running my company efficiently; I don’t have the luxury of time to prove myself to others. Whenever I face uncertainty, I rely on my expertise and knowledge, reminding myself of the path I took to get here. My primary aim is to stay focused and achieve my goals—recognition from others, while appreciated, is secondary.
“I don’t have the luxury of time to prove myself to others. Whenever I face uncertainty, I rely on my expertise and knowledge, reminding myself of the path I took to get here.”
CWCBExpo – Who was your role model growing up and what impressed you most about that person?
Dawne – My greatest influence has undoubtedly been my father, a skilled cannabis grower who deeply educated me about the plant’s healing potentials. Growing up as a proponent of cannabis, we were cautious to keep our discussions within the home due to potential backlash. Unfortunately, my father passed away six years ago, and expanding our business into the cannabis sector has been a way to honor his legacy. It’s not just about business growth; it’s about continuing his advocacy and educational efforts in a field where I truly thrive. As the world became more accepting of cannabis, my husband and I recognized the opportunity to integrate this personal mission into our professional endeavors.
CWCBExpo – Who is your best friend – OK – who are your “2 besties”?
Dawne – My husband David is undoubtedly my best friend. We’ve experienced so much together, and each morning I wake up eager to face new challenges and adventures alongside him. Additionally, I consider my granddaughters as my other best friends—so technically, I have three best friends. They inspire me daily to be a better person, someone they can admire and learn from. Watching them grow has been one of the greatest lessons of my life, and I cherish every moment with my three best friends!
CWCBExpo – You have been a champion of women, tech, and cannabis as you worked your way up, and you are a true believer in community. What advice do you have for women entrepreneurs in our industry?
“This journey isn’t always easy, but it is rewarding, especially when we lift each other up and champion each other’s successes.”
Dawne – I’ve always been passionate about supporting women in tech and cannabis, industries where we are still underrepresented. My advice to women entrepreneurs in our industry is encapsulated beautifully by Maya Angelou, who said, “Without courage, we cannot practice any other virtue with consistency. We can’t be kind, true, merciful, generous, or honest.” This underscores the importance of courage in our endeavors. It’s crucial to stay true to yourself and remember that you are here for a reason. Your unique insights and contributions are incredibly valuable.
I encourage women to actively connect with and uplift other women in the space. Building a supportive community is not just about networking—it’s about creating a space where we can all thrive. Never let your identity be a barrier. Instead, let it be your strength and your guide as you navigate your path. Remember, by supporting one another, we create a stronger, more inclusive industry. This journey isn’t always easy, but it is rewarding, especially when we lift each other up and champion each other’s successes.
THIS MONTH’S ARCHIVED VIDEO
“Compliance Issues for Cannabis Business Owners: Taxation, Liability and the ERTC Program“
In this session, the panelists discussed the financial issues surrounding managing a cannabis business without federal legalization and with no ability to use a bank; 280E was discussed along with insurance issues, liability and the ERTC Credit program.
Moderated by Steve Gelsi, MarketWatch; with Sandy Suchoff, Founder, CEO CannaCPAs; Jeff Booker, Founder, COO CannaCoverage; and Tom Sauvageau, Founder, CEO ERTCFiling.
(pictured from the left) Jeff Booker, Sandy Suchoff, Tom Sauvageau and and Steve Gels
The CWCBExpo BLOG: Timely News & In Depth Articles
CWCBExpo blogs contain relevant, timely information. Recent subjects include cannabis testing laboratories, packaging, facility security, and legalization and regulatory updates.
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Navigating Licensing, Taxes, and Legalization
Each month, Cannabis World Congress & Business Exposition (CWCBExpo) offers a convenient roundup of the biggest cannabis news stories and hemp headlines emerging across the Northeast. Get these updates in your inbox by subscribing to our email newsletter, or follow us on Instagram, LinkedIn, Facebook, or Twitter (now X) to get the most recent edition when it’s published.
Welcome to the April 2024 edition of our regional cannabis news update. In this month’s edition, we’re covering the latest updates shaping the northeast cannabis landscape, from New York’s progress in adult-use licensing to efforts in New Jersey to legalize home cultivation. Read on for more detail about what’s happening in the cannabis industry across the region.
New York State Cannabis Control Board approves 101 new adult-use licenses
On April 12, the New York State Cannabis Control Board (CCB) approved 101 new adult-use licenses, bringing the total number of licenses granted in 2024 to 403.
The breakdown of the 101 licenses approved includes the following types:
- Adult-Use Cultivator License: 25
- Adult-Use Distributor License: 11
- Adult-Use Microbusiness License: 22
- Adult-Use Processor License: 8
- Adult-Use Retail Dispensary License: 25
- Provisional Adult-Use Retail Dispensary License: 10
“With the Cannabis Control Board’s issuance of 101 adult-use cannabis licenses, New York’s legal cannabis industry continues to make significant progress with over 400 licenses issued in 2024,” said Governor Hochul. “Strengthening New York’s equitable cannabis industry and ensuring the hard-working small business owners operating in the legal market have the licenses to open are the best ways to protect the integrity of sales in New York.”
The CCB also passed a resolution empowering the Office of Cannabis Management (OCM) to issue provisional adult-use licenses to streamline the licensing process and promote industry growth. This update will allow provisional licenses to be awarded outside regularly scheduled board meetings.
New Jersey lawmakers and activists push for home grow legalization
New Jersey cannabis advocates and lawmakers are applying pressure to legalize home-grown cultivation of cannabis as neighboring states continue to move forward with similar measures.
Currently, only individuals holding cultivator licenses are permitted to grow cannabis under state law. Individuals, including medical cannabis patients, cannot grow their own plants for personal use in New Jersey. Growing your own cannabis remains a third-degree felony. By contrast, in New York, patients and their caregivers are allowed to grow a limited amount of plants.
Senate President Nicholas Scutari (D) has been a prominent figure in expressing reservations about a home-grow program, citing concerns that it could hinder the growth of the legal cannabis industry and inadvertently bolster the underground market.
Critics, however, including Chris Goldstein from the National Organization for the Reform of Marijuana Laws (NORML), argue that such hesitancy is misplaced. This highlights the frustration among small business owners, consumers, and patients. Goldstein and other advocates have taken to protesting in front of the New Jersey State House in Trenton to challenge the state and Scutari’s stance.
“The small business owners I talk to, the consumers, the patients, they say he’s off base,” said Goldstein. “And again, the delay has been really terrible for New Jersey.”
Study finds cannabis could bring $41 million in tax revenue to Pennsylvania in its first year
A study conducted by Pennsylvania’s Independent Fiscal Office (IFO) found the state could eventually generate $271 million in annual tax revenue through legalization of cannabis as proposed by Gov. Josh Shapiro. The estimate takes into account a 20% excise tax on wholesale cannabis alongside revenue from state sales tax. In the inaugural year of legalization, Pennsylvania could expect to see approximately $41 million in tax revenue, the report reads.
The IFO analysis highlights the fact that neighboring states have already enacted legalization measures, potentially limiting Pennsylvania’s revenue as customers seek products across state lines.
“Currently, all border states except West Virginia have legalized and imposed tax on adult recreational use cannabis. These taxes were enacted recently in Ohio (2023), Maryland (2023), New York (2021), and New Jersey (2020),” reads the report. “Because nearly all border states already tax recreational cannabis, the estimate is not increased for cross border sales that may have occurred in other states that were first to tax recreational marijuana in a region.”
Still, the report suggests that legalization could be a boon for Pennsylvania’s public coffers, adding momentum to the growing cannabis legalization movement in the state’s capital.
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