One Step Closer: Tentative NYS Cannabis Legalization Deal Reached
March 25, 2021 |
Client Alerts
As close it can possibly get now. With a tentative deal seemingly reached, here is a slice of what appears to lie ahead for NY and its place in the legal cannabis industry:
- Permitted license structure includes cultivation and processing, wholesale and distribution, and retail, as well as an array of microbusiness licenses
- Home grow allowed for adults over the age of 21, accommodating for 3 mature and 3 immature plants per person, or up to 12 total plants per household
- Overhaul of the medical program to allow for additional medical conditions and smokeable use to be permitted
- Potential for half of all adult-use licenses to be issued in accordance with a social equity program
- Launch date for retail sales end of 2022/beginning of 2023
- Wholesale tax based on product potency levels could be as much as $0.03/mg of THC
- Onsite consumption permits (i.e. cafes and coffee shops) agreed upon in some form
- Total tax on products of 13%, split between the state and local government at 9% and 4% respectively
- NYS Cannabis Control Board to contain 5 members, 3 selected by the governor, 1 each selected by the Assembly and Senate
- Still no concrete plan on how to deal with impaired driving
Related Team
Related Content
Corporate Blog
Updated Adult Use Cannabis Regulations
May 31, 2023
Press Releases
Lippes Mathias Assists Calspan Corporation in $725M Acquisition
May 8, 2023
In The news
Lippes Mathias Cannabis Team Authors Cannabuff Article "Empires State Cannabis Update: A Primer on Adult-Use Cannabis Advertising"
March 28, 2023
Corporate Blog
Empire State Cannabis Update: NYS Fights to Modify Injunction Blocking Conditional Dispensary Licensing
January 9, 2023
TAGS
CANNABIS
PRACTICE TEAMS
CANNABIS
