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Sep 01
State Fund, OCM Announce Partnership To Help New Cannabis Businesses Get Workers Comp Coverage

320px-NYSIF_Logo_Tag_RGB.png​Used under under the Creative Commons Attribution-Share Alike 4.0 International license​.​

The New York State Office of Cannabis Management (OCM) has announced a campaign, led by the New York State Insurance Fund (NYSIF) to help newly-licensed cannabis businesses in the state obtain required insurance. NYSIF will lead the effort to help these businesses obtain Workers' Compensation, New York State Disability Law (DBL) and Paid Family Leave (PFL) insurance.

According to a news release on the NYSIF website:

"Eligible applicants can apply under the qualifying business or qualifying non-profit track. Prospective Qualifying Business applicants must: 

  • Have a conviction for a marijuana-related offense that occurred prior to the passage of the Marijuana Regulation and Tax Act (MRTA) on March 31, 2021, or have had a parent, legal guardian, child, spouse, or dependent with a pre-MRTA conviction for a marijuana-related offense in the State of New York. 
  • Have experience owning and operating a qualifying business that has been profitable for at least two years.
The specific ownership and control requirements will depend on the structure of the business applicants and the eligibility criteria under which they are applying. All applicants must be led by justice-involved individuals, whether they are an entity owned by more than one owner, an individual, sole-proprietor or single-owner entity."

The release also stated that qualifying businesses may be eligible for upfront premium discounts and membership in a safety group.

The New York State Assembly and Senate enacted a measure legalizing cannabis​ for sale to and use by adults as part of the 2021-22 state budget. Then-governor Andrew Cuomo signed it into law.  According to the OCM website, the office is now considering applications for Conditional Adult-Use Retail Dispensary licenses, positioning licensees "to make New York’s first legal cannabis sales before the end of 2022 ..."

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