For this installment of the series, we’ll zoom out our lens to look at the state of recreational cannabis rollout across Long Island.
To help make sense of the current landscape as well as the road ahead, Anton Media Group recently checked in with Andrew Cooper, Esq., LLM, Chair of the Cannabis & Psychedelics Practice Group at the law firm Falcon Rappaport & Berkman LLP, a board member of the JUSTÜS Foundation, and an Adjunct Professor of Law at the Maurice A. Deane School of Law at Hofstra University.
“Also in New Jersey, their law permitted opt-outs of every license type, which meant licensees are having a hard time finding spaces.” “So, let’s compare apples to apples: if you look at their recent, newly minted licensees, we’re pretty close. I’ll take New York’s roll-out over that.”“There have been hiccups, yes. New York didn’t account for this ‘sub-market’ we inadvertently facilitated, and we created a demon.”
“The proliferation of that market came from truly nowhere, because the majority of people in that ‘grey market’ are not historically cannabis sellers, and are simply opportunistic, and said to themselves, ‘Maybe it’s okay.’” “It’s even a challenge to get it approved by a lender who has a cannabis banking program. Notably, more banks and credit unions are willing to bank plant-touching cannabis companies, such as Valley Bank and DIME, as well as Suffolk Credit Union, who just got into the cannabis space, and rolled out a program, and that’s going to solve a big part of the problem locally.”
“If one town or city opts back in, and there are rumors, it does create more room, and the numbers would probably work a lot better than they do currently.”
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