Very bullish outlook: Cannabis Control Board approves new licenses as NY market picks up steam [Video]

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New York’s Cannabis Control Board approved more than 80 new license types in a Tuesday morning meeting during which they also passed a slate of bylaws that will govern the board.

The 86 new licenses include 22 retailers, 16 microbusinesses, 19 cultivators, 11 distributors and 18 processors. With Tuesday’s approvals, New York cannabis regulators have licensed more than 1,600 weed businesses since 2022, according to John Kagia, the Office of Cannabis Management’s director of policy.

“Great momentum, great velocity and a great reflection of what we expect as we go into the tail end of the summer,” Kagia said of the overall performance of New York’s legal cannabis market.

Legal sales in the Empire State have been skyrocketing in recent months, Kagia said while updating CCB members on market trends. Customers have bought nearly half-a-billion …