Is 2021 the Year?
As part of the Governor’s State of the State address, Andrew Cuomo(D) announced another proposal to legalize and create an equitable adult-use cannabis program this year. Recreational Cannabis legalization has been dropped twice from the NY’s budget proposal after negotiations between Cuomo’s office and the State legislature fell through. The major sticking point is how the tax revenue from cannabis will be spent. Cuomo has now reintroduced another legalization measure in 2021.
Plenty of Questions
Will individuals be able to grow and consume their own recreational cannabis? Will commercial growth and sale be restricted to the companies already operating under the state’s medical program OR will recreational laws attract, or even require, more companies to supply the region? Some are concerned that the companies that already possess licenses to grow and sell cannabis for medical purposes will prevent small businesses from entering the space. What will the tax rate be? New York is communicating with New Jersey and Massachusetts to establish a tax rate that deters travel across state lines to purchase cheaper cannabis. Will previous cannabis-related injustices be made right by the state?
Some are concerned that the companies that already possess licenses to grow and sell cannabis for medical purposes will prevent small businesses from entering the space
Solutions could include expunging previous cannabis-related convictions and arrests, investing the tax revenue in minority communities, and giving special treatment to minority businesses that wish to enter the cannabis economy. Other players are likely to benefit from the recreational cannabis economy indirectly. Hydroponics stores and head shops are likely to see their sales increase if recreational cannabis and personal cultivation are allowed by the state.
Recreational cannabis is here to stay in NYS. With this new push from the Governor, 2021 could be the year. Follow our friends at Cannabuff to stay informed on everything!
This article was jointly (no pun intended) published by Welcome 716 in partnership with Cannabuff, WNY’s only Cannabis resource. Want to find more information like this? Check out their website, or give them a follow!