The Debacle Called NY Cannabis Market: State Supreme Court Halts New Retail Licenses Following Veterans' Lawsuit
Portfolio Pulse from Nina Zdinjak
A New York state Supreme Court judge has ordered a temporary halt on the issuance of new Conditional Adult-Use Retail Dispensaries licenses in New York, siding with a group of veterans who filed a lawsuit against the Office of Cannabis Management. The lawsuit argues that the office violated the Marijuana Regulation and Taxation Act by prioritizing licenses for individuals with prior drug convictions. The court order also prevents state regulators from granting operational approvals to those who already have licenses and are close to opening dispensaries. The lawsuit includes large marijuana companies Acreage Holdings, Curaleaf Holdings, Green Thumb Industries, and PharmaCann.
August 08, 2023 | 12:58 pm
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NEGATIVE IMPACT
Acreage Holdings is involved in a lawsuit against the Office of Cannabis Management in New York, which could impact its ability to obtain new licenses or operational approvals.
The lawsuit and subsequent court order could negatively impact Acreage Holdings' ability to obtain new licenses or operational approvals in New York, potentially affecting its business operations and stock price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Green Thumb Industries is part of a lawsuit against the Office of Cannabis Management in New York, which could affect its ability to secure new licenses or operational approvals.
The lawsuit and subsequent court order could negatively impact Green Thumb Industries' ability to secure new licenses or operational approvals in New York, potentially affecting its business operations and stock price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80