New York Cannabis Law Firm Seeks Tech Support For Help With Retail Licensing

“That’s the fundamental problem,” said StandardC chief executive Robert Mann. “You get the license and you can’t get capital.”

Mann said that by using his company’s research of hundreds of datasets, StandardC is able to issue a digital identity which then functions as a universal application for any business or financial services a founder needs. .

This access may be especially crucial in New York, where retail licensing is expected to quickly spawn a multi-billion dollar industry. But operating a business in the city is expensive, and cannabis companies with out-of-state experience are eager to enter the market, said Joseph Levey, partner at Hebraun Levey.

“The margin for error is small,” Levey said, adding that his business has had 10 marijuana customers so far and another 40 behind the scenes.

In New York, a set of more than 100 of the first licenses will go to so-called social equity entrepreneurs – New York businessmen who have both gotten into trouble with the law over marijuana and a successful business history.

As business owners who may have a criminal record, their top priority is to be ready to start their business from the start, Levey said. Lenders and sellers may still be slow to take on cannabis and marijuana customers, according to StandardC, despite changing social perceptions, state laws allowing cannabis and a July statement from the Federal Reserve and others federal agencies that banks and credit unions should not treat any particular type of customer as a uniform risk.

This makes the “seal of approval” of its digital business crucial, Mann explained.

Not all entrepreneurs will need funding immediately, although entrepreneurs will need other business services such as insurance and payroll providers. That’s because New York State said it was raising a $200 million fund to help recently licensed contractors build their retail stores so they don’t run out of cash.

The state is expected to approve the first adult retail licenses at the Cannabis Control Board meeting on Monday, Alex Bernabe, chief of staff for the Office of Cannabis Management, said at a conference. industry in early November.

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