New York issues first licenses for legal pot dispensaries

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Published: Nov. 21, 2022 at 1:21 PM EST
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(WBNG) -- New York issued the first 36 cannabis dispensary licenses on Monday, taking a monumental step in establishing a legal and lucrative marketplace for recreational marijuana.

The licenses approved by the state’s Cannabis Control Board were the first of 175 the state plans to issue, despite a court ruling earlier this month that prevents it from issuing licenses in some parts of the state.

The first legal dispensaries, selected from a pool of more than 900 applicants, are expected to be ready by the end of the year, joining an already robust marijuana economy fueled by illicit dispensaries, some of which have been shut down by authorities.

Binghamton Mayor Jared Kraham said the announcement will start a multiple-month process of local planning approvals and secondary supplemental applications to the state Office of Cannabis Management.

“With City Hall’s proactive steps passing local zoning and advancing economic development projects, Binghamton is ready to maximize the opportunities that adult-use cannabis brings in terms of new jobs, investment and tax revenue for our community. As we position Binghamton as a leader in the burgeoning cannabis market, we will also ensure the industry grows in a responsible manner that benefits residents,” he said.

Applications were launched in August.

This is a developing story. Stay with 12 News for more information.