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New York State officially passed and signed into law a bill that legalizes the production, distribution, and adult-use of cannabis in the state (S.854A/A.1248A).
The new legislation, known as the Marijuana Regulation and Taxation Act (the Act), allows those who are at least 21-years of age to use, smoke, ingest or consume cannabis products. It also allows those 21 and over to possess up to three ounces of cannabis or 24 grams of concentrated cannabis without penalty.
This memo is intended to highlight key considerations for clients interested in joining the adult-use cannabis industry. Additional regulations are expected with respect to the Act, although nothing has been published to date.
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Fulfills Key Component of Governor s 2021 State of the State Agenda
Legislation (S.854-A/A.1248-A) Establishes the Office of Cannabis Management; Expands New York s Existing Medical Marijuana Program; Establishes a Licensing System; and Creates a Social and Economic Equity Program Encouraging Individuals Disproportionately Impacted by Cannabis Enforcement to Participate in Industry
Tax Collection Projected to Reach $350 Million Annually and Potentially Create 30,000 to 60,000 Jobs
Governor Andrew M. Cuomo today signed legislation (S.854-A/A.1248-A) legalizing adult-use cannabis, fulfilling a key component of his 2021 State of the State agenda. The bill signing comes after the Governor, Senate Majority Leader Andrea Stewart-Cousins and Assembly Speaker Carl Heastie announced this past Sunday, March 28, that an agreement had been reached on the legislation. The bill establishes the Office of Cannabis Management to implement a comprehensive regulatory framework that cove