Business
New York issues first adult-use marijuana retail permits, OKs delivery to expedite sales
New York regulators on Monday issued the first 36 marijuana retail licenses for an adult-use market that officials insist will open by year’s end.
That timeline took a positive turn when the state’s Office of Cannabis Management (OCM) announced it would allow qualifying businesses to launch delivery services before opening their retail stores, a significant change from other recreational markets.
“This will help jumpstart sales and enable these small business owners to generate capital and scale their operations,” the regulatory agency tweeted Monday.
New York adult-use retailers are projected to generate $1 billion-$1.2 billion in sales next year, growing to $2.2 billion-$2.7 billion by 2026, according to the 2022 MJBiz Factbook.
Regulators said 28 of the retail license winners went to individuals with marijuana convictions or family members who’d been arrested for cannabis.
The other eight licenses went to nonprofits.
The first group of Conditional Adult-Use Retail Dispensary (CAURD) license winners include:
- Capital District Cannabis & Wellness.
- Essential Flowers.
- Kush and Kemet.
- Gotham CUARD.
- NYCCABUDS.
The agency is reviewing 903 CAURD applicants, the state’s version of social equity, to issue the first 150 adult-use licenses, as well as helping them lease and fund operations through a proposed $200 million social equity cannabis fund.
A ‘bold move’
New York cannabis attorney David Feder applauded the developments, calling the issuance of licenses a “bold move” for the OCM, considering the state is facing a federal lawsuit challenging a requirement that marijuana operators must have a “significant presence” in the state.
The lawsuit has disrupted the rollout of the adult-use market in parts of the state.
Earlier this month, a federal judge ruled that New York regulators were prohibited from issuing several adult-use marijuana licenses in five areas.
The New York Times reported that 63 of the 150 planned licenses earmarked for Brooklyn, Central New York, the Finger Lakes, the mid-Hudson area and Western New York were impacted by the decision.
“This is a momentous day,” said Feder, who represents a CUARD license winner in Queens, one of 11 New York jurisdictions that are not yet affected by the ruling.
Others regions unaffected by the ruling include Manhattan and the Bronx.
The lawsuit, filed by Michigan-based Variscite NY One, is seeking an injunction against the state, the OCM and the agency’s executive officer, Christopher Alexander.
Variscite, which applied for licenses in the five regions, is not significantly connected to New York.
The lawsuit has fueled more uncertainty in the market’s initial rollout.
Several regulatory policies and operational procedures have yet to be finalized.
But some pending requirements released Sunday for existing medical marijuana companies transitioning into the recreational market are generating buzz among the state’s multistate operators.
The MSOs account for nearly all of the existing MMJ companies, and the pending regulations targeting them include:
- A one-time licensing fee of $5 million.
- An additional $3 million fee per store for medical marijuana providers to enter the adult-use market.
- A three-year moratorium to open any retail store for recreational sales.
“Wow- MSO’s got Housed (sic) in NY new regs,” tweeted Cresco Labs co-founder Joe Caltabiano, who stepped down as president of the marijuana multistate operator in 2020 and subsequently resigned as a director.
The Chicago-based MSO was among 10 companies originally selected to serve the state’s MMJ market, which is expected to bring in $220 million to $270 million this year, increasing to $320 million-$390 million by 2026, according to the 2022 MJBiz Factbook.
Transition from MMJ will be difficult
While the state’s medical market is considered “vertical,” with each license holder able to grow, process, manufacture and sell cannabis, regulators took a much different tack in the adult-use sector, establishing high and expensive barriers to entry for existing MMJ providers.
“They are preliminary and have a long comment period so I would expect some change,” Caltabiano told MJBizDaily.
“I feel that this level of over-regulation, and trying to negatively impact MSOs will be bad for the legal market and will only enhance the already gigantic illicit market in the state.”
Private investment commitments for the social equity fund haven’t been disclosed, either.
The fund, managed by Social Equity Impact Ventures, plans to pool $50 million from adult-use licensing fees and revenue as well as “up to $150 million from the private sector,” according to a June announcement.
Despite all the uncertainty, one of New York’s top regulators reiterated the state will open adult-use sales this year.
“That is our intention and we are on course to meet that goal,” Tremaine Wright, chair at New York State Cannabis Control Board, said during a panel discussion last week at MJBizCon.
“There will be a place for people to sell.”
Source: https://mjbizdaily.com/new-york-issues-first-adult-use-cannabis-retail-permits-oks-delivery/
Business
Jio’s 1,600-Satellite LEO Constellation Gets Technical Green Light
Reliance Jio has crossed a significant milestone in its space connectivity ambitions after its proposal to deploy a Low Earth Orbit (LEO) satellite constellation of around 1,600 satellites received a positive technical assessment from the Indian National Space Promotion and Authorisation Centre (IN-SPACe).
The evaluation, conducted jointly by IN-SPACe, the Indian Space Research Organisation (ISRO), and the Wireless Planning and Coordination (WPC) wing of the Department of Telecommunications, reportedly concluded that Jio’s proposed system meets the required technical standards and is comparable to leading global satellite broadband networks.
India’s Indigenous LEO Satellite Vision
Under the proposal, Reliance Jio plans to deploy between 1,600 and 1,650 satellites in Low Earth Orbit at an altitude of around 650 kilometres.
The planned constellation is expected to provide high-speed satellite connectivity across India, with approximately 32 satellites visible from any location at a given time. The company aims to roll out the network within the next two to three years, subject to regulatory approvals.
According to industry estimates, the satellite system could deliver 4.5 to 5 terabits per second (Tbps) of total data capacity, making it one of the largest satellite broadband projects proposed in India.
The project is expected to require an investment of $10–15 billion (approximately ₹95,000 crore to ₹1.42 lakh crore), reflecting the scale of infrastructure needed for satellite manufacturing, launches, ground stations, and user terminals.
Regulatory Process Moves Forward
Following the successful technical review, the proposal is expected to move into the next phase of regulatory approvals.
The government may now assist Jio in securing orbital slots, coordinating spectrum usage, and filing applications with the International Telecommunication Union (ITU), the global body responsible for managing satellite orbit and frequency allocations.
Obtaining orbital rights remains a critical step, as Low Earth Orbit has become increasingly competitive due to the growing number of satellite broadband projects being planned worldwide.
Officials also indicated that the proposed satellite architecture has been designed to coexist with future Indian LEO constellations, allowing multiple domestic operators to share orbital resources efficiently.
Broadband, Mobile Connectivity, and Strategic Applications
Jio plans to use the satellite network to provide a range of communication services, including satellite broadband, mobile backhaul, enterprise connectivity, and direct-to-device (D2D) satellite communication, particularly in remote and underserved regions where conventional telecom infrastructure is limited.
The company also intends to establish 20 to 22 ground stations across India to support network operations.
Apart from commercial telecommunications, officials have highlighted the project’s potential strategic importance. A domestically developed satellite constellation could strengthen India’s communication infrastructure, reduce dependence on foreign satellite operators, and support national security requirements.
Reports suggest preliminary discussions are underway regarding the possibility of integrating defence-related payloads into some satellites, enabling both civilian and strategic use.
Major Step for India’s Space and Telecom Sectors
Industry analysts view the technical clearance as an important milestone in India’s expanding private space ecosystem. If Jio secures the remaining regulatory approvals and international orbital clearances, the project could become the country’s first large-scale indigenous LEO satellite broadband network.
The initiative also aligns with India’s broader efforts to expand digital connectivity while strengthening its presence in the global satellite communications market.
Business
Alleged Crores Pharma Scam Mastermind Arrested from Surat
After evading law enforcement for nearly 13 years, an accused linked to a large-scale pharmaceutical fraud case has been arrested by Delhi Police from Surat, Gujarat. The suspect is alleged to have orchestrated a series of financial scams involving fake identities, forged documents, and dishonoured cheques used to procure high-value pharmaceutical raw materials.
Authorities say the accused, identified as Himmat Singh Lodha, is believed to have defrauded multiple pharmaceutical companies in Delhi of goods worth approximately ₹98 lakh before disappearing and remaining underground for years.
Fake Business Deals and Dishonoured Cheques Used in Fraud
Investigators claim the accused posed as a legitimate pharmaceutical trader and placed bulk orders for expensive drug ingredients, offering post-dated cheques as payment security.
In one documented case from 2013, he allegedly obtained around 550 kilograms of Gliclazide, a diabetes-related pharmaceutical ingredient, valued at over ₹26 lakh. When suppliers attempted to encash the cheques, they were reportedly returned with the remark “account closed.”
Following the transaction, the accused allegedly vacated his office and rented residence and disappeared without settling payments. He was later declared a proclaimed offender in 2016 after repeatedly failing to appear before court proceedings. Authorities had also issued a reward for information leading to his arrest.
Multiple Identities and Repeated Fraud Pattern
Police investigations further link the accused to another cheating case dating back to 2012, where he allegedly used a fake identity, “Kailash Jain,” to obtain a large consignment of Ambroxol HCL, a pharmaceutical compound used in cough medications. The value of that consignment was estimated at around ₹72 lakh.
Officials believe the accused followed a consistent modus operandi—posing as a credible businessman, securing high-value goods on deferred payment terms, and then disappearing after delivery while shutting down business operations.
Investigators suspect that forged business records, fake company credentials, and fabricated financial histories were used to build trust with suppliers and gain access to expensive raw materials.
Multi-State Surveillance Leads to Arrest in Surat
A special Crime Branch team tracked the accused through coordinated surveillance efforts across multiple cities, including Mumbai, Ahmedabad, and Surat. After nearly a month of technical monitoring and intelligence gathering, officials located and arrested him from a residential area in Surat.
Authorities also revealed that the accused had been involved in property-related activities while staying under the radar to avoid detection.
Growing Threat of Corporate Identity Fraud
The case highlights a rising trend of organised financial fraud targeting industries that rely heavily on trust-based transactions and deferred payments. Experts note that criminals increasingly exploit gaps in corporate verification systems by using fake GST registrations, temporary offices, and forged documentation to appear legitimate.
Cybercrime and financial fraud specialists warn that such schemes are becoming more complex with the widespread availability of digital business tools, making it easier to create convincing but fraudulent corporate identities.
Experts Urge Stronger Due Diligence in High-Value Transactions
Experts, including former IPS officer and cybercrime specialist Prof. Triveni Singh, emphasize the need for stricter verification procedures in commercial dealings. He noted that relying solely on paperwork or digital business profiles can expose companies to significant financial risk.
Authorities and industry experts recommend physical verification of business operations, bank account validation, and detailed background checks before engaging in high-value or deferred-payment transactions—particularly in sectors like pharmaceuticals, where single consignments can involve transactions worth crores.
Business
EU Pressure Builds on Google as Regulators Face Calls for Massive Fine Over Search Practices
A growing coalition of European industry groups is intensifying pressure on regulators to take decisive action against Google over allegations of unfair search practices that could reshape competition rules across the region’s digital economy.
Investigation Under Digital Markets Act Gains Momentum
The case is being examined by the European Commission under the European Union’s landmark Digital Markets Act (DMA), introduced to curb the dominance of major technology platforms and ensure fair competition.
Launched in March 2024, the investigation focuses on whether Google has been prioritising its own services in search results, potentially disadvantaging rival businesses that rely on online visibility to reach customers.
Industry Groups Demand Swift Action
Several prominent European organizations have jointly urged regulators to conclude the probe without further delay. They argue that prolonged investigations allow alleged anti-competitive practices to continue, putting European companies—especially startups—at a disadvantage.
Signatories include the European Publishers Council, the European Magazine Media Association, the European Tech Alliance, and EU Travel Tech.
In a joint statement, these groups warned that delays in enforcement are affecting innovation, profitability, and growth prospects for regional businesses competing in digital markets.
Google Denies Allegations
Google has rejected claims of bias, stating that its search algorithms are designed to deliver the most relevant and useful results to users. The company has also proposed adjustments to address regulatory concerns.
However, critics argue that these changes are insufficient and fail to address the core issue of market dominance.
Potential Billion-Euro Penalties
If found in violation of the DMA, Google could face significant financial penalties. Under EU rules, fines can reach a substantial percentage of a company’s global turnover, potentially amounting to billions of euros.
Regulators may also impose corrective measures requiring changes to business practices, which could have long-term implications for how digital platforms operate in Europe.
Wider Implications for Big Tech
The case highlights ongoing tensions between European regulators and major U.S. technology firms. In recent years, the EU has taken a more aggressive stance in enforcing competition laws, aiming to create a level playing field for local businesses.
A final ruling against Google could set a major precedent, influencing future enforcement actions and shaping the regulatory landscape for global tech companies operating within Europe.
As scrutiny intensifies, the outcome of the investigation is expected to play a critical role in defining the future of digital competition across the European Union.
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