MJBizMag January 2023 - 30

New York
Maryland
Missouri
State-licensed cannabis entrepreneurs will have to compete with the Illicit marijuana market, where
products resembling popular brands are sold in high-traffic areas such as New York City.
flying in from out of state, " Wagener
said. " They want somebody who has
been operating a deli or a restaurant
or something in town for 20 years that
knows the town, cares about the town.
Those are the people who are going to
get local approval. "
For Wright, creating access points to
the state's regulated market is one key
to achieving equity.
" In New York, what you're seeing
is opportunity and access points-
multi-tiered opportunities, creating
micro-business licenses, cooperative
licenses, delivery licenses. We have
a consumption license, a nursery
license, " Wright said.
REGIONAL CONSIDERATIONS
There are also regional considerations
when it comes to opportunities.
Observers believe Long Island is going
to be challenging because most of the region
opted out of hosting adult-use cannabis
retail and consumption lounges.
30 January 2023 | MJBizMagazine
New York City, meanwhile,
presents a huge opportunity: More
than 8 million people live in the five
boroughs, and another 25 million
tourists visit annually.
" That's going to be an exciting
market opportunity, but it's going to
be congested. I think it's going to be
competitive, " Neer said. She believes
more opportunity with less expense
will exist in other population centers,
such as Buffalo and Syracuse.
Observers also see opportunities
for upstate microbusinesses offering
direct-to-consumer sales as well as
consumption lounges, once they are
approved.
Delivery also should be hugely
successful in New York, given that it is
a cornerstone of the unregulated legacy
market-especially in New York City.
WHAT TO DO NOW
What should aspiring New York
cannabis business applicants do
now? Develop business plans,
brainstorm locations, create financial
projections, make plans to obtain
capital and maybe talk with a broker,
Neer said.
" But I wouldn't sign a lease right
now. I would not take out a loan right
now unless it was a couple years
before you have to start paying it back
and it has a good rate, " she added.
Other smart steps include signing
up for email alerts from the Office
of Cannabis Management, joining
professional groups such as the
Cannabis Association of New York and
looking into cannabis incubators.
Wright said brands will find
opportunities in New York, but
they must first have a firm grasp of
program rules.
" We really want to support
innovation, and we think that if
we provide the right pathways to
opportunity that we will be supporting
growth, as well as innovation. "

MJBizMag January 2023

Table of Contents for the Digital Edition of MJBizMag January 2023

MJBizMag January 2023 - 1
MJBizMag January 2023 - 2
MJBizMag January 2023 - 3
MJBizMag January 2023 - 4
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