New York issues first licenses for legal pot dispensaries

NEW YORK (AP) — New York issued its first 36 cannabis dispensary licenses on Monday, taking a monumental step in establishing a legal — and lucrative — marketplace for recreational marijuana.

The licenses approved by the state's Cannabis Control Board were the first of 175 the state plans to issue, with many in the first round reserved for applicants with past convictions for marijuana offenses.

Eight nonprofit groups were among the 36 licensees granted Monday.

Some of the dispensaries, selected from a pool of more than 900 applicants, are expected to open by the end of the year.