OCM assessing N.Y. cannabis market capacity through 2025 [Video]

The state Office of Cannabis Management will make recommendations to state cannabis regulators early next year about the best timeline to review license applications to stabilize New York’s supply chain.

Members of the Cannabis Control Board approved 68 new licenses Tuesday to hopeful retailers, processors, distributors and others at the last regular meeting of the year in Albany.

The board continues to work through more than 3,300 license applications submitted to the agency at least a year ago — with the majority for adult-use stores. OCM acting and Deputy Executive Director Felicia A.B. Reid said the agency is taking care to avoid flooding the market.

“We have to be really careful about how we proceed around licensure because we don’t want to… saturate that market,” she told Spectrum News 1 on Tuesday.

OCM officials said the board continues to work through about 100 applications each month, and has fewer than 300 applications to review from …