Conditional Adult-Use Retail Dispensary (#CAURD) Licenses are coming to #NewYork.
150 #dispensaries are going to be awarded to eligible individuals pursuant to Section 116 of the rules
What documents will I need to apply for a CAURD license?
The application will ask for information about the applicant and all “true parties of interest” in the applicant.
True parties of interest include persons:
that are sole proprietors, partners, LLC members, LLC managers, shareholders, and their spouses;
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with control over a licensee;
holding an actual or future right to ownership, investment or compensation, including by stock, convertible bond, note, warrant, option, SAFE, equity swap agreements over a licensee;
serving in a leadership, senior, or control position, such as a member, manager, president, vice president, secretary, treasurer, officer, board 4 member, trustee, director, or a person with equivalent title or position in a licensee, and their spouses;
holding a revenue sharing agreement or a right to gross profit or net profit;
that guarantee the debts of the licensee; or
making up the ownership structure of each level of ownership of a licensee that has a multilevel ownership structure, and their spouses.
Unless you are eligible under the qualifying nonprofit criteria, you will also be asked for information about the justice involved individual who is the sole control owner of the applicant and their qualifying business experience. You’ll be required to submit documents to prove your eligibility.
Examples of documents you may need include:
tax documents showing the qualifying business’ profit;
a record of the conviction of the justice involved individual or their family member;
documents proving where the justice involved individual, or their convicted family member, lived at the time of their conviction;
and proof of the applicant’s New York State presence or other satisfaction of the definition of applicant in the Cannabis Law.
If you are eligible under the qualifying nonprofit criteria, you will be asked about the qualifying nonprofit’s social enterprise, as well as about the qualifying nonprofit organization itself.
Get the full FAQ from OCM.
Please be 21+ because this is about the legal & legitimately lawful (at the state level) 🥦 industry.
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