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Breakthrough for New York Cannabis Industry as Regulators Greenlight Settlements

NEW YORK – The New York Cannabis Control Board (CCB) granted approval on Monday for undisclosed settlement agreements, potentially unblocking hundreds of cannabis businesses entangled in legal disputes.

According to a report by Marijuana Moment, the settlements were contingent on state Supreme Court endorsement, and aim to resolve two lawsuits challenging the state’s cannabis licensing practices.

One lawsuit, filed by veterans, contended the exclusion of disabled veterans from licensing prioritization, while the other, brought by medical cannabis operators, argued for immediate licensing eligibility.

CCB Chair Tremaine Wright highlighted the severe impact of delays on 436 licensees.

“Some 436 professional licensees have had their business planning and rollout halted to a dead stop,” said Wright at Monday’s meeting. “New York state cannabis licensees throughout the supply chain have similarly been impacted by the delay of the retail rollout.”

Once court-approved, the injunction hindering these businesses will be lifted, propelling the stalled cannabis program forward. With just two dozen licensed retailers in the state, this development marks a crucial step towards a more inclusive and expansive legal cannabis market in New York.

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