ACRHF - New York cannabis regulator sued by multi-state operators over restrictive licensing

2023-03-17 15:21:28 ET

• A coalition that includes several of the US' largest multi-state operators has sued the New York State Office of Cannabis Management over restrictive marijuana dispensary licensing.
• Currently, only individuals with a prior cannabis offense or a non-profit can receive a license.
• The lawsuit, filed in Albany Co. Supreme Court by the Coalition for Access to Regulated & Safe Cannabis on Thursday, accuses the state agency of unconstitutional overreach and abdication of duties. The case was first reported by The Syracuse Post-Standard .
• Curaleaf Holdings ( OTCPK:CURLF ), Green Thumb Industries ( OTCQX:GTBIF ), and Acreage Holdings ( OTCQX:ACRHF ) are MSOs that are part of the coalition. Curaleaf ( OTCPK:CURLF ), Columbia Care ( OTCQX:CCHWF ), and MedMen Enterprises ( OTCQB:MMNFF ) are MSOs that operate medical dispensaries in the state.
• The suit alleges that 2021 legislation allowing adult-use marijuana sales mandated that the regulator open the license application period to all applicants.
• The Cannabis Control Board and NYS Office of Cannabis Management "have improperly assumed the role of the Legislature to impose their own policies over those of New York’s elected officials and, by extension, their constituents."
• Cannabis ETFs: AdvisorShares Pure Cannabis ETF ( YOLO ), Amplify Seymour Cannabis ETF ( CNBS ), ETFMG Alternative Harvest ETF ( MJ ), AdvisorShares Pure US Cannabis ETF ( NYSEARCA: MSOS ), and Global X Cannabis ETF ( NASDAQ: POTX ).

For further details see: