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
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.