New York Real Estate & Cannabis Regulations

Cannabis Status: Pending, Law is Approved, Now Rolling Out Regulations

Update 3/31/21: After years of hard work from cannabis advocates in the state, Assembly Bill S854A to legalize cannabis in the State of New York was officially signed into law by Governor Andrew Cuomo on Wednesday, March 31st. New York becomes the newest state to legalize alongside its nearby neighbor New Jersey in bringing the legal cannabis market to the Atlantic states.

After years of adult-use cannabis being unavailable on the east coast, a flurry of legalization proposals have sprung up in the last few months and New York looks to join it’s neighbor New Jersey in becoming some of the first Atlantic states to legalize.

Several proposals in New York to legalize recreational cannabis have failed to gain traction in the legislature in the past few years, but with new pressure to increase tax revenues to combat the economic effects of COVID-19 and end the historic inequities that have ensued form the war on drugs, the state finally is poised to move forward with legalization.

The New York market will offer amazing opportunities for cannabis operators, with some of the most densely populated urban centers in the country. In addition the New York City area is one of the most popular tourist destinations in the country, with approximately 65 million tourists a year visiting the one city alone. Read on for more information on the upcoming cannabis regulations in New York and find out how you can tap into this lucrative market!

Name: New York
Population: 8,419,000
Median Income: $63,998
Cannabis Uses: Retail, Delivery, Cultivation, Distribution, Nursery, On-Site Consumption, Processor, Testing Lab, Small Business Adult-Use Cooperative, Microbusiness
State Cannabis Overview: The New York legislature is in the process of passing the Marijuana Regulation and Taxation Act (MRTA) to legalize adult-use cannabis use in the state and lay a foundation for the establishment of a commercial market. While Governor Cuomo has a separate cannabis legalization proposal and negotiations are currently underway to bring the two measures closer together, it is expected that the final bill passed will more closely align with the MRTA.

New York Cannabis & Commercial Real Estate Research

Uses: Retail, Delivery, Cultivation, Distribution, Nursery, On-Site Consumption, Processor, Testing Lab, Microbusiness, Small business adult-use cooperative

Distance Requirements: TBD

Final regulatory and licensure will be centrally controlled by a new regulatory body comprised of legislative and executive appointments.

Caps: TBD

A goal shall be established to award fifty percent of adult-use cannabis licenses to social and economic equity applicants and ensure inclusion of: individuals from communities disproportionately impacted by the enforcement of cannabis prohibition; minority-owned businesses; women-owned businesses; minority and women-owned businesses, disadvantaged farmers, service-disabled veterans.

Tax Rate:

Cannabis products would be subject to a state tax of nine percent, plus an additional four percent local tax. Marijuana distributors would also face a THC tax based on type of product, as follows: 0.5 cents per milligram for flower, 0.8 cents per milligram for concentrated cannabis and 3 cents per milligram for edibles.

New York City

Hempstead

Brookhaven

Albany

Buffalo

Rochester

Syracuse

Utica

Schenectady

Visit CREC Portal for more information on New York Real Estate.

Trusted Cannabis Professionals from CREC Directory

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How CREC Team Gets The Deal Done!

We now offer a full suite of services for cannabis industry professionals, entrepreneurs, service providers, real estate agents and brokers to successfully find viable cannabis real estate properties.

CREC Network of Brokerage Professionals

Gain the advanced knowledge, improve your listings awareness, and access a professional network essential for closing sales in the cannabis industry.

Cannabis Compliance Services

Ask us anything! Our compliance team will quickly improve your ability to safely execute cannabis business transactions or to evaluate your current operations.

CREC Technology Portal

Access the same interactive tools our real estate brokers use to research new locations for viable cannabis properties. Get your access today!

CREC Business Directory

Growing network of vetted cannabis professionals from attorneys to insurance to real estate agents. CREC Directory to be released soon!

Available New York Cannabis Business & Property Listings

Review our New York cannabis real estate for sale or lease below. We also have businesses in NY state for sale with a cannabis license. Contact us for more information and sign up to be a buyer or a seller on our website to get started with your property in the state of New York.

We can help you find a property in our network, even if not listed in our online inventory. Ask us how!

How Can We Help Your New York Cannabis Real Estate Search?