New York’s Cannabis Control Board is moving quickly to make up for the lost time under the previous administration. In the group’s first meeting since incoming Gov. Hochul stepped in and nominated people for the board, they approved raw cannabis flower as a medical product effective immediately.
Boris Jordan, the founder and chairman of Curaleaf (OTC: CURLF) said on Twitter:
Thank you, NY Gov. Hochul & the Office of Cannabis Management for allowing the sale of whole flower. This decision impacts 151k+ medical patients in NY who will now have access to quality & safe whole flower. Action (not talk) from our new Gov!
In addition to approving flower, the Board also loosened other restrictions.
- Doctors can approve medical patients
- 30 day supply increases to 60 day supply
- $50 registration fee for patients is waived
- Streamlining dispensation
Currently, New York cannabis law states that adults 21 and older can possess up to three ounces of cannabis or 24 grams of concentrates in New York. The irony is that regular citizens could legally smoke cannabis flower in public, while medical patients weren’t allowed such a form factor.
The meeting was a quick one and lasted roughly 30 minutes. The board members are Tremaine Wright (Cannabis Control Board Chair) , Jessica Garcia, Rueben McDaniel III, Jen Metzger, Adam Perry and Chris Alexander (Executive Director). The meeting also named Jason Starr as the Chief Equity Officer. He served as assistant counsel to former New York Gov. Andrew Cuomo (D) and also worked at the New York Civil Liberties Union.
Patrik Jonsson, Regional President of the Northeast at Curaleaf said, “The expansion of New York’s medical program allowing the sale of whole flower is a very big deal for the thousands of patients affected who now have access to the most cost effective and natural form of the plant. On behalf of Curaleaf and our patient community, I want to thank legislators and the Office of Cannabis Management for their leadership on this issue. This continued evolution of the medical program, which includes expanded qualifying conditions and the removal of application fees, will empower more patients to make choices that work best for their needs. These changes will give New Yorkers access to whole flower that has undergone standardized procedures and testing protocols, ensuring quality and safety. Curaleaf looks forward to expanding our product offerings to best serve our valued patients.” Curaleaf said it could have products on the shelf in November after state testing.
Stocks See Lift
Several of the cannabis companies with large exposure to New York saw stock prices immediately jump on the news. Curaleaf Stock rose as did Green Thumb Industries (GTBIF).