Getting a dispensary license in New York is indeed challenging due to several factors:
- Strict eligibility criteria: Applicants must meet specific requirements, including:
- Being at least 21 years old
- Having a justice-involved background or connection
- Possessing qualifying business experience
- Maintaining a significant presence in New York State
- Complex application process: The application consists of multiple parts, including:
- Primary License Application
- Social and Economic Equity (SEE) Certification
- True Parties of Interest (TPI) Disclosures
- Location and Operations Section
- Financial requirements: Applicants need to demonstrate:
- At least 10% ownership in a profitable business for two years
- Ability to cover high startup costs (ranging from $250,000 to $2 million)
- Residency restrictions: A majority of the ownership must have been in New York State for:
- 180 days within the last year, or
- 540 days within the last three years
- Limited availability: While there’s no stated limit on licenses, officials base availability on market demand1
- Competitive selection process: The Office of Cannabis Management evaluates applications based on:
- Adherence to regulations
- Ownership structure
- Team experience
- Moral character
- Financial ability to execute plans2
- Extensive documentation: Applicants must provide detailed business plans, security measures, and various other documents1
These factors combined make obtaining a dispensary license in New York a challenging and competitive process, requiring significant preparation, resources, and often specialized assistance.