New York approves legalization of cannabis

New York State legislators passed the Marijuana Revenue and Taxation Act (MRTA), which legalizes and regulates the future adult-use cannabis market in New York State, and will also allow people over 21 to grow cannabis at home for personal use. Governor Andrew Cuomo must now sign the bill before it becomes law, what he should be doing soon.

My statement on the legislation passed tonight by the NYS Legislature to legalize adult-use cannabis: pic.twitter.com/CqYs6oLWTn

- Archive: Governor Andrew Cuomo (@NYGovCuomo) March 31, 2021

«For too long, cannabis prohibition has disproportionately targeted communities of color with harsh prison sentences, and after years of hard work, this landmark legislation brings justice to long-marginalized communities, embraces an information sector that will grow the economy, and puts in place substantial safety guards. for the public,» said the governor.

He also thanked the legislators who «worked tirelessly on this issue to secure the passage of this historic legislation».

New York State has been working on cannabis regulation for 10 years. In recent years, the main point of contention was cannabis taxes and their distribution. Pending legalization, New York had decided to decriminalize cannabis in 2019.

The cannabis industry in New York State could generate 30,000 to 60,000 jobs and $350 million a year in tax revenue. A 13% tax will be applied to retail sales, which will go to the New York State Cannabis Revenue Fund, with the remainder split between education (40%), the Community Grants Reinvestment Fund (40%), to fund communities most affected by the war on drugs, and the Drug Treatment and Public Education Fund (20%), for prevention.

Municipalities will be able to ban dispensaries or cannabis lounges, This is to be achieved by passing a local ordinance before December 31, 2021, or nine months after the legislation comes into force.