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Report Says “if you own interest in a cultivation or manufacturing facility in any other state, country, planet or galaxy, you cannot have ownership in a New York retail license”

Posted By David Feder On His Linked In Page This Week

Breaking Cannabis News🪴🚨 in a great interview by Jeffrey Hoffman, OCM’s Axel Bernabe confirmed everyone’s concerns were in fact correct, that True Parties of Interest (TPIs) i.e. investors/owners in New York’s CAURD retail dispensary applicants MAY NOT have any ownership in cannabis cultivation or manufacturing business ANYWHERE!

This means that if you own interest in a cultivation or manufacturing facility in any other state, country, planet or galaxy, you cannot have ownership in a New York retail license.

It also probably means that if you own stock or interest in a fund which invests/owns cannabis cultivators or manufacturing businesses ANYWHERE, you’re also out of luck.

Unfortunately this will result in retail licensees being left with a very limited pool of investors who have any significant cannabis experience. Many potential strategic investors have interests in cannabis businesses in other states which could easily trigger this regulation.

This is a terriby designed rule that should be reigned in and only apply to ownership of any NY cultivation/manufacturing businesses.

Worse yet is that it appears that they intend to pass these regulations on to the regular non-conditional adult-use licenses that are expected to be made avaible in the near further (hopefully).

https://www.linkedin.com/feed/update/urn:li:activity:6998798714228088832/

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