What you should know
- New York announced earlier this month that it will double the number of licenses statewide, and it will be the first female-owned dispensary backed by its social equity investment fund.
- Initially, there were to be 150 conditional retail dispensary licenses for adult use; now there are 300.
- This licensing effort was bolstered by the creation of the $200 million New York State Social Equity Cannabis Fund, a public-private partnership that provides refurbished outlets.
New York City will see the opening of another new recreational marijuana store this week, and it will be the first woman-owned to be backed by the state’s Social Equity Investment Fund, Governor Kathy Hochul announced Tuesday.
The announcement comes weeks after the state announced it would double the number of conditional adult-use retail dispensary licenses from 150 to 300, largely through this $200 million public-private partnership. dollars, the first program in the country that provides business premises to businessmen previously criminalized for the illegality of cannabis.
The next dispensary to open is in Queens, called Good Grades, and it will open to the public at 2:00 p.m. on Thursday, March 30 at 162-03 Jamaica Avenue. Hochul says it’s a female-owned family business run by Extasy James and her cousin, Michael James, Jr., a native of Jamaica, Queens, and advocate for minority-owned business owners.
Good Grades will open in “pop-up” form, as is the case with some other dispensaries supported by the New York State Cannabis Social Equity Investment Fund. This helps them open up in the short term to accelerate sales, provide employee training opportunities, and start building capital for their businesses.
They then close for final construction and reopen for the long term.
According to the state, the pop-up program benefits all businesses involved in the cannabis supply chain, including farmers who have cannabis ready for distribution, processors who convert cannabis into other types of products, and the retail distributors and operators who work to provide consumers with access to safe products they can trust.
Extasy James says she is thrilled to open not only the first female-owned dispensary under the state program, but also the first in Queens.
“We are incredibly passionate about providing greater access to cannabis and breaking down the barriers that prevent so many people, especially those in underserved communities, from enjoying the benefits of this incredible plant,” he said. he said in a statement. “We understand firsthand the stigma that has been attached to cannabis for far too long, and we look forward to joining the thriving cannabis community to help change that. Our dispensary is a welcoming and inclusive space where anyone can come and learn. , explore and find the products that best fit your unique needs.
New York said its Office of Cannabis Management has received some 900 applications for conditional retail licenses so far. So far, some 70 provisional licenses have been issued.
“With the opening of Good marks In Queens, we continue to build on our progress to create a safe and regulated cannabis industry in New York,” Hochul, a Democrat, said Tuesday. “New York is working to support entrepreneurs and ensure consumers can shop safely and legally while supporting their communities.