With cannabis being legalized more and more broadly around the world for recreational and medical use, many cannabis connoisseurs and entrepreneurs are looking to get into the trade. If you’re one of these people living in New York, where cannabis has recently been legalized, you’re probably wondering how to get a license to open a dispensary.
Well, look no further than this article. Read on to find out everything you need to know about getting a New York dispensary license.
Obtaining a New York Dispensary License
This may not be what you want to hear, but applying for and acquiring a dispensary license in New York isn’t easy. It’s certainly not as easy as opening, say, a convenience store, or even a dispensary in a state where cannabis is legal recreationally. New York only allows the sale of marijuana for medical purposes, meaning they’re very strict about the whole process.
New York only allows applications to be submitted at certain times, and the application process hasn’t been opened since 2015 when it was first announced. That doesn’t mean it won’t open again, but patience is going to be needed. That, and some money.
There are some pretty hefty costs that come with opening a dispensary in New York. Currently, there’s a $10,000 fee for the application and a $200,000 registration fee. The latter fee is refunded if the application doesn’t go through.
Don’t let your hopes be dashed by this, though. It’s only a matter of time until the state opens the registration process back up, and if you’ve got the capital to invest you could easily make that money back. Just know that opening a dispensary in New York is no walk in the park.
How Much Competition Is There?
There were 43 applications to open dispensaries submitted in 2015. Each application allowed the owner to open one processing plant and four dispensaries each, with over 30 dispensaries now open across the state. This isn’t a lot compared to other places, but the number is severely limited due to the state’s laws and restrictions surrounding the opening of a dispensary.
The main competition in New York is really New York law itself, and there’s not much you can do but save up and wait for the application process to open back up.