New York Introduces Legislation To Regulate Cannabis
With one eye on the state’s $6 billion revenue tax gap, Governor Andrew Cuomo has debuted legislation to legalize, regulate, license — and tax — adult use recreational cannabis. If cannabis regulation in New York is approved, it could be implemented as early as just a few months into the future.
Cannabis Regulation In New York
The new regulations would make cannabis legal in New York and centralize its management through a newly created Office of Cannabis Management. Proposed for the state’s budget in fiscal 2021, the law would generate new tax revenue for New York and help close that gap. It proposes new licenses, special use registration and additional labeling restrictions for foods.
Governor Cuomo in revamping the Cannabis Regulation and Taxation Act (CRTA) would oversee six new license agencies: on-site consumption, distributor, on-site consumption, processor, cultivator and cooperative. Cannabis regulation in New York would be centralized, regulated and newly taxed.
Existing medical marijuana activities in New York would not be impacted by the new legislation. One exception is that the proposed new CRTA would be able to expand the number of licensed medical marijuana organizations already operating within the state. Cannabis regulation in New York would, if approved as proposed, could then expand medical marijuana in New York in the future.
Designated ‘caregiver facilities’ such as nursing homes and hospitals would be registered into the new organization and administer to certified patients, Governor Cuomo proposed.
In 2019 he signed into law legislation that created a cannabinoid hemp processor license. Regulation requires license and registration for that activity within the state. It is part of a comprehensive program that seeks to centralize, license and tax all processing activity within the New York.
The new cannabis regulation in New York would also impact labeling for CBD foods for humans as well. It would require labeling that provides country of origin, details about CBD content in each serving and dosages.
CRTA would offer special use permits for cannabis by caterers, delivery permits and even nursery permits for the production of immature plants and seeds.
The idea of centralizing cannabis regulation in New York is lifting media attention on cannabis stocks. For example, stockmarketpress.com is a media company which is spotlighting the cannabis industry It discusses the cannabis industry and stocks including CBD Unlimited, Inc. (OTC PINK: EDXC),), Aurora Cannabis Inc. (NYSE:ACB) (TSX: ACB), Supreme Cannabis Co. (OTC: SPRWF), The Green Organic Dutchman (TSX: TGOD) (OTCQX: TGODF), OrganiGram Holdings Inc. (NASDAQ: OGI) and Canopy Growth Corp. (NYSE: CGC).
Source: Stock Market Press
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