New York Cannabis Microbusiness License
Adult-use marijuana is now legal in New York and it is time to apply for a cannabis business license in a market that is to bring in $245 million in annual marijuana revenue by 2025. Whether you are a new cannabis entrepreneur or a veteran of the business, we advise you consider a New York cannabis microbusiness license. Follow along as our cannabis consultants explain how you can win a cannabis microbusiness license in New York.
What is a Cannabis Microbusiness in New York?
A cannabis microbusiness in New York allows a licensee to act as a cannabis producer for the cultivation of cannabis, a cannabis processor, a cannabis distributor, and a cannabis retailer. However, there are certain limitations as to how much cannabis you can process, cultivate, and distribute. Additionally, you must comply with all requirements imposed by the legislation.
It is important to note that this license is the only license that allows you to have a fully vertical business. This means you can blend a cultivator, producer, and retailer license into one. However, microbusiness license holders can not have interest or ownership in other cannabis licenses in New York.
The size, scope, and eligibility criteria of a micro business are determined by the board in consultation with the executive director and CEO. Also, these licenses are to promote social and economic equity for applicants. With that, strong social equity is an important aspect of the application process for this specific license type
Steps to Win a Cannabis Microbusiness License in New York
Interested in this license type? Below are the steps that you can take to win a cannabis microbusiness in New York.
Step 1- Read the Rules and Regulations in New York
Rules and regulations for cannabis licenses vary based on state. Reading the rules and regulations allows you to familiarize yourself with the market so that you have a better understanding of how to win a license. With that, there are some important documents to familiarize yourself with:
- Marijuana Regulation and Taxation Act
- Guidance for Adult Use Conditional Cultivators
- Guidance for Adult Use Conditional Processor
- Conditional Adult Use Dispensary Regulations
Since a microbusiness allows you to dispense, cultivate, and process cannabis in New York, it is essential you read over these regulations. Additionally, contact our cannabis consultants with any questions you have about a cannabis microbusiness license in New York.
Step 2- Determine if you are eligible for a Cannabis Microbusiness License in New York
As of now, the Cannabis Control Board has not determined the size, scope, and eligibility criteria for this business type.
Although we do not know the specifics for eligibility, we can assume it will be similar to the rules for cannabis dispensaries, cultivation centers, and processors in New York. With that, to be eligible for a New York cannabis microbusiness license, you must meet the following:
- None of your owners can have to disqualify criminal convictions; and
- None of your owners can exceed any of the ownership limitations.
Next, it is time to connect with a cannabis consulting team in New York to start building your microbusiness cannabis application.
Step 3- Engage a Cannabis Consultant
Our cannabis consultants in New York are experts in the market and can help you win a microbusiness license in New York. With that, the application process can be lengthy, but we can help you save time.
Remember, a cannabis microbusiness license in New York allows you to cultivate, process, and dispense cannabis. With that, it is important that you are familiar with the rules and regulations of all three activities. Our team will help you submit an application that will receive a high score in all sections.
Contact our cannabis consultants today to start your application!
Step 4- Form a Business Entity
Next, you need to form a business entity in New York for your micro business application. This includes defining your ownership structure. Our cannabis consultants in New York typically see applicants form LLCs and S-corps. However, it is best to contact an attorney to see what is right for you.
However, since cannabis microbusiness licenses are made to promote social equity applicants, it is important that your business is minority-owned, women-owned, and/or a service-disabled veteran-owned business.
Step 5- Develop a Business Plan for your Cannabis Microbusiness in New York
Additionally, you have to develop a business plan for your cannabis microbusiness license in New York. Within this business plan, you must explain in detail how you will operate your business. Additionally, this includes plans for the cultivation, processing, and dispensing of cannabis.
Within your cannabis business plan, you must include the operations for all three of these actions. Contact our cannabis consultants for additional assistance for cannabis application writing in New York
Step 6- Build a Team
Now, it is time to build a team for cannabis microbusiness in New York. Your team needs to prove its capability to run a cannabis business. So, you must have a wide variety of individuals that are experts in either business management or the cannabis industry in general. Again, you must also have social equity applicants within your team as this license promotes that as a priority.
Need help building a team for your business? Contact our cannabis consultants for additional assistance. We have talent acquisition services that will build the right team for you.
Step 7- Raise Capital
Next, it is time to raise capital. Developing a cannabis business takes a lot of money, and it is essential that you have investors. We can pitch your business plan to raise money. So, if you do not have a sufficient amount of capital, you can still open a cannabis microbusiness in New York.
Step 8- Choose a Location in New York
Now it is time to choose a location for your cannabis microbusiness in New York. With that, you have to be familiar with zoning laws. Remember, certain locations and municipalities do not allow cannabis businesses. Additionally, your cannabis business can not be near certain public places such as schools.
Also, you need to determine whether or not you will lease or own the property you choose. You can also develop a new property or modify an existing one. Talk to our cannabis consultants in New York about the best choice for you.
Step 9- Garner Local Support
Additionally, connecting with your local officials is important in the cannabis industry. Also, this allows you to introduce your idea and explain the benefits that your cannabis microbusiness in New York can provide. So, do your research and find out more about the governing body in New York.
Step 10- Write and Submit your Application!
Now it is time to write and submit your application. This is the last and most important step in the process. Lastly, in order to apply for cannabis microbusiness in New York, you will likely have to submit the following:
- Business and Financial Plans
- Standard Operating Procedure Plans
- Safety and Security Plans
- Environmental Plans
- Diversity and Community Impact Plans
- and much more
Additionally, if you have any questions about writing your cannabis microbusiness application in New York, make sure to contact our cannabis license application writers. We are experts at application writing and have the tools you need to win a cannabis microbusiness license.
Conclusions on Cannabis Microbusinesses in New York
In conclusion, writing a cannabis business application in New York takes a lot of time and resources. With that, there is no need to worry if you do not have the time. Our cannabis consulting team will take over this process and make sure you have the material to win a cannabis microbusiness license in New York. Lastly, contact us for more information on this process.