LFLY - New York Supreme Court Judge Strikes Down Some Cannabis Regulations Unsettling Industry Stakeholders | Benzinga
In an odd turn of events, an Albany County Supreme Court judge struck down some, not all as previously thought, of New York’s adult-use cannabis regulations. The ruling, which deemed the regulations arbitrary and unconstitutional, was viewed as a challenge to NY’s Office of Cannabis Management (OCM).
What Happened: Judge Kevin Bryant‘s ruling stemmed from a lawsuit initiated by a coalition including Leafly Holdings (NASDAQ:LFLY), Stage One Dispensary and an informed cannabis consumer. Leafly argued in the suit that the NY Cannabis Control Board’s rules unfairly prevented dispensaries from advertising on its platform and sought to invalidate those particular restrictions. The judge voided the rules dealing only with so-called third-party platforms.
Temporary Panic
Though the legal challenge targeted regulations restricting third-party marketing, the ruling invalidated portions of the OCM’s regulatory framework, encompassing segments of the adult-use market. This is what caused an uproar among the state’s cannabis stakeholders until it was made clear that ...