A formal licensing process approved Thursday by New York's cannabis regulators will prioritize people who have been affected by prior drug laws to help them set up businesses in what is expected to eventually become a multi-billion dollar sector of the economy. 

The Cannabis Control Board at the Office of Cannabis Management granted final approval for the regulations to govern how the initial licenses for retail dispensaries will be approved. 

“Today’s vote confirms New York’s commitment to prioritizing equity, and keeps us on track to have the first sales before the end of 2022,” said Tremaine Wright, the chair of the Cannabis Control Board. “Thanks to the tremendous effort to advance the Seeding Opportunity Imitative, we’re succeeding in a way that has never been seen before. New York is launching its legal, regulated industry with business savvy entrepreneurs who have been directly harmed by the prohibition of cannabis.” 

Licensees must demonstrate a business background as well as a qualifying cannabis-related offense or of a close family member prior to the approval of the state's recreational marijuana law. 

The new regulations are set to take effect next month and put New York on path to allow for retail sales by the end of the year.  

“The Seeding Opportunity Initiative continues to move ahead with regulations and applications for CAURD licenses and I can’t wait to connect with potential applicants and make sure they know what they’ll need to apply so they’re ready when the window to do so opens later this summer,” said Chris Alexander, the executive director of the Office of Cannabis Management. “This is how we build a model for establishing a truly equitable and inclusive cannabis industry that other states can follow.”