Delays in NY’s cannabis roll out hurt plans for small business investors

Some industry hopefuls paid close attention each time regulators announced new dates. They were left with whiplash.

ALBANY — Jeff Collins and his wife had big early plans to open their dream dispensary. But nearly two years after recreational cannabis was legalized in New York, most of the regulations that will govern the industry are months from final approval, and the couple’s energy — and savings — are waning.

The couple, who also have partnered with friends in the venture, had watched the marijuana legalization process unfold in other states and knew that having a retail storefront ready to open would be key to expediting the application process. So they bought one, right in the heart of Woodstock in Ulster County, where it sits unused.

“We kept hearing month after month that the regs would be here next month, then next month, and finally we stopped believing them,” Collins said.

Like many marijuana-business hopefuls in New York, the couple had been excited by the details of the state law, which prioritized “small business opportunities” and a suite of “equity applicant” categories: communities disproportionately impacted by cannabis prohibition; minority- or women-owned businesses; distressed farmers and service-disabled veterans.

But the lack of a clear timeline for the regulations and application process has kept many prospective business owners and other newcomers to the retail marijuana industry hemorrhaging cash at a rate some aren’t able to afford. [Read More @ The Albany Times Union]