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Hochul waives fees for cannabis cultivators to boost industry

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  • Staff Report 

Governor Kathy Hochul announced a significant move to support the burgeoning cannabis industry in New York, with the Cannabis Control Board voting to waive licensing fees for Adult-Use Conditional Cultivators for two years. This decision coincides with the approval of 114 new licenses, raising the total number of adult-use licenses to 223 this year. As New York nears the three-year anniversary of cannabis legalization, the state boasts 88 licensed dispensaries, with plans to open more across the state.

The initiative aims to lower entry barriers for farmers and entrepreneurs, crucial for the development of a competitive and equitable cannabis market. The fee waivers apply to various license types, including retail dispensaries and microbusinesses, with conditional cultivator license fees previously ranging from $4,500 to $40,000. This move is part of Governor Hochul’s commitment to expanding dispensary licenses and catalyzing cannabis sales in New York.

The Cannabis Control Board’s latest licensing round includes 45 retail dispensaries and 31 microbusiness licenses, alongside 38 non-conditional adult-use cannabis licenses. This step is hailed as progress towards building a diverse market, ensuring competition, choice, and equity. With the continued issuance of licenses, New York’s cannabis industry is poised for growth, supported by the strategic waiving of fees and the state’s comprehensive approach to legalization and market development.