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Today we welcome back a returning guest who believes that New York, as they start to grant the initial cultivator licenses, can learn from the legal markets of other states to avoid making the same mistakes along the way. Isaac Bock is the Managing Director and Head of Strategy for AlphaRoot, a groundbreaking insurance company based in the emerging market of cannabis. A Penn graduate and currently pursuing a Master of Science in medical cannabis science and therapeutics at the University of Maryland, Bock first joined Founder Shield in 2017 before taking over their newly created AlphaRoot department. Chris Alexander, executive director of the New York State Office of Cannabis Management, told Capital Tonight that the office is working on licensing retailers for the legal cannabis market with a prioritization on small and medium businesses. Alexander said the first retailers are “fully on track” to open by the end of 2022 with more on the way in the new year.

The illegal market will still be a factor in New York even with legal retailers operating in the Empire State. Alexander argues, citing other states that have legalized cannabis, that a successful legal market along with enforcement will slowly erode the black market but not completely eliminate it. On the issue of people selling cannabis outside of the legal market, Alexander says “by jumping the gun now, you put your future in this market at risk” and encourages retailers to achieve stability by going through the legal route.

The Office of Cannabis Management is following the instructions set out in the Marijuana Regulation and Taxation Act and is looking for applicants with prior business operating experience as well. The office is prioritizing small and medium retailers right now to help them grow before larger retailers come to New York. We talk about the Pros and cons first cultivators will face before supply chain dispensaries are open and much more today on Blunt Business.