Alana Hans-Cohen Quoted in Forbes
Alana Hans-Cohen, Associate in Pashman Stein Walder Hayden P.C.’s Cannabis practice, was quoted extensively in a Forbes magazine article titled “Navigating New York’s Cannabis Application.” The article discusses the application processes for adult-use cannabis licenses in the State of New York, which recently opened their application pool on October 4.
“Applications are collected during the specific windows, and they're grouped by the type of license you're after, your Social and Economic Equity (SEE) certification, and provisional status. For retail dispensary licenses, they'll be divided right down the middle, with half allocated to New York City and the other half scattered across the rest of the state,” says Alana Hans-Cohen.
Hans-Cohen also explained the order in which the applications will be reviewed.
“Once the window closes, that's when things are going to get interesting. Applications will be queued (ordered) in their distinct pools using a randomized process. This process is bound to take center stage and be heavily scrutinized. Finally, remember that also it's possible that not all applications will be reviewed before all the licenses are claimed,” she explained.
Does that mean there’s no advantage to applying early? According to Hans-Cohen, unless an applicant is after expedited review, there may not be.
“Timing can make all the difference, but only if you are eligible for the expedited review window. Otherwise let’s call this what this is—a lottery.”
Litigation may also have an impact on existing small cannabis businesses, according to Alana.
“But it's not just the licensing process that's affected. As these legal battles persist, they can create serious financial pressures on small businesses. Picture this: you've got a small, innovative cannabis venture, and you're all set to take off. Then, a litigation storm rolls in, soaking you in delays and uncertainty. It's like trying to keep a candle lit in a hurricane – it's tough.”
Over time, Hans-Cohen believes this impact could lead to market consolidation.
“Well, we might see an increase in market consolidation as these larger companies take advantage of the turmoil. It's like a game of Monopoly, with some players holding all the prime properties and others struggling to pass go,” Hans-Cohen predicts.
To read the full Forbes article, click here.