New York Cannabis Real Estate & Regulations
Zoned Properties in New York
Population:
19.84 million (2021)
Local Zoned Broker:
Affiliated Partnerships Available
Number of Retail Licenses:
165 (As of June 2023)
Licensing Status:
Awarding licenses since 2022
Legal Status:
Recreational
Cannabis Sales:
$16.5 million (Adult Use Gross Sales since Legalization)
License Dynamic:
Limited
Delivery Allowed:
Yes
Drive Thru Allowed:
No
Secure New York’s Finest Compliant Zones For Cannabis Operations Today!
The cannabis industry in New York is projected to boom. However, the hurdles of finding prime locations, navigating regulations, and identifying lucrative opportunities can seem overwhelming. Without expert guidance, these challenges can impede your progress and hinder your ability to thrive in this dynamic sector.
Imagine the frustration of scouring through countless properties only to discover they are not compliant with local regulations or lack the necessary infrastructure for your cannabis business.
That’s why we’re here to help you by providing the following services:
Site Identification
Our team utilizes an extensive network, industry knowledge, and thorough market analysis to identify properties that meet your specific requirements. We ensure compliance with local regulations, proximity to target demographics, and the necessary infrastructure for your cannabis business.
Brokerage
Our expert brokers navigate the complexities of buying, selling, and leasing properties in the cannabis industry, ensuring that you secure the best deals and maximize your returns on investment. We focus on facilitating smooth and efficient transactions that meet your unique needs and objectives.
Investment
Our experienced team analyzes market trends, assesses risks, and identifies high-yield investment options tailored to your goals. Whether you are an individual investor or part of a larger group, we provide comprehensive guidance to help you make informed investment decisions and achieve long-term success.
Ready To Invest In Cannabis Real Estate In NY?
New York is among the latest states to launch the sale of adult-use Cannabis. However, only around ten dispensaries functioned in the state from December to April. Sales are expected to hit the roof and cut through it as all the legislative barriers are lifted. More licenses are being rolled out in May/June, so more dispensaries are expected to enter the market.
With the human population and acceptance rate for Cannabis in the state, New York is about to become one of the most profitable states to establish a Cannabis business. If you plan to own Cannabis real estate in NY, Now is the time.
Let’s save you the time, stress, and financial requirements of locating these properties yourself. Work with us to find compliant zones in New York today!
New York Cannabis Regulations
State Cannabis Overview: After several attempts, from 2018 to 2021, to legalize the recreational use and sale of Cannabis in New York, the Marijuana Regulation and Taxation Act (MRTA) was eventually passed in March 2021. The bill was signed by Governor Andrew Cuomo the next day, legalizing adult-use Cannabis for adults 21 and older.
Sales officially began on December 29, 2022. However, the state underperformed in the first four months of launching sales due to several court injunctions, making a meager $16.5 million.
The Cannabis industry in New York was projected to make $4.2 billion in annual revenue but fell short. However, court injunctions have been lifted, and investors are expected to enter the prophecy in the coming months.
Licensing: In April 2022, the Office of Cannabis Management (OCM) was established to oversee the regulation and licensing of the cannabis industry in New York. The state has adopted a phased license distribution approach, promoting social equity and ensuring opportunities for individuals disproportionately affected by previous cannabis prohibition policies.
The following are the types of Cannabis licenses available in New York:
- Cultivation Licenses,
- Processing Licenses
- Distribution Licenses,
- Cooperative Licenses
- Nursery Licenses,
- On-site Consumption Licenses
- Dispensary Licenses
- Microbusiness Licenses
- Delivery Licenses
Local Authority: While the state government sets the overall framework for cannabis legalization and regulation, municipalities are allowed to create local laws and regulations regarding the time, place, and manner of operation for licensed adult-use cannabis retail dispensaries and on-site consumption sites, as long as they do not unreasonably hinder their operation.
In addition:
- Municipalities must be notified of applications for adult-use retail dispensaries or on-site consumption licenses.
- The notification must include applicant information, establishment details, and license type.
- Municipalities have 30 days to express their opinion on the application, which will be considered in the licensing process.
Want to easily beat the hassle and buy into profitable real estate properties? Send us a message today! Or call: 18773608839
Median Age: 39
Median Income: $35,379
Regulations last updated as of: August 2023
Have any Questions?
What is the size of the New York cannabis market?
The New York Cannabis market did not meet expectations with the sales results provided in the first four months since launch. The state was projected to make an annual sales revenue of $42 billion but only recorded $16.5 million in sales from December through April.
This letdown is due to several court injunctions limiting the sale of the product due to disagreements over taxation and other matters.
How much is a dispensary license in New York?
There are currently no license fees for dispensaries in New York. However, by looking at the state’s Hemp Program, you can have an idea of how much it would cost. The state charges a hemp extraction and manufacturing license fee of $3,500. Dispensary license fees are expected to be within this range.
How much will the cannabis market be worth in 2030?
Based on an authoritative report by Grand View Research, the projected valuation of the global cannabis industry in 2030 is estimated to reach $102.2 billion with a compound annual growth rate (CAGR) of 25.4 percent, commencing in 2023.
The United States, being a significant player in the cannabis market, is anticipated to contribute significantly to this growth trajectory. It is projected that the US cannabis market will reach an impressive valuation of $40.1 billion by 2030, fueled by a CAGR of 14.4 percent.
These forecasts underscore the immense growth potential and economic significance of the cannabis industry on both a global scale and within the United States specifically.
Still have questions? Contact us
Disclaimer: The information provided on this website does not, and is not intended to, constitute legal, financial, or other professional advice. All information, content, and materials available on this site are for general informational purposes only. Information on this website may not constitute the most up-to-date legal or other information. This website may contain links to other third-party websites. Such links are only for the convenience of the reader, user or browser; Zoned Properties does not recommend or endorse the contents of the third-party sites.
Sources:
https://www.bxtimes.com/new-yorks-cannabis-market-has-made-more-than-16-5m-but-is-it-making-good-on-its-promise/
https://en.wikipedia.org/wiki/Cannabis_in_New_York
https://fortune.com/2023/04/03/new-york-marijuana-dispensary-licenses-approved/ (Number of licenses)
https://www.cannabisbusinesstimes.com/news/new-york-cannabis-sales-peers-four-months/#:~:text=Based%20on%20the%20excise%20tax,state%20regulators%20announced%20this%20month. (Total sales to date)
https://cannabis.ny.gov/system/files/documents/2022/12/adult-use-cannabis-proposed-regulations.pdf
https://mjbizdaily.com/adult-use-cannabis-sales-in-new-york-surpass-16-5-million/
Interested in more Properties?
Click the button to see a complete list of available properties..