New York regulators on Friday awarded 110 new adult-use marijuana business licenses.

However, the yearslong struggle to launch what was promised to be a multibillion-dollar market is poised to continue.

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The state Cannabis Control Board on Friday voted to award:

24 cultivation licenses. 9 distribution licenses. 26 microbusiness licenses. 12 processor licenses. 25 retail licenses. 14 provisional retail licenses.

It’s unclear how quickly the licensed businesses will be able to start operations.

The 110 new licensees represent only a fraction of the entrepreneurs attempting to enter the market.

During a six-week window in the fall, the Office of Cannabis Management (OCM)  received more than 2,100 license applications.

In late December, regulators said they’d eventually approve 250 retail permits out of that

Read full article on Marijuana Business Daily