cannabis legalization in New York

New York Introduces Legislation To Regulate Cannabis

Posted January 28, 2020

In NASDAQ: OGI, NYSE: ACB, NYSE: CGC, NYSE:CGC, OTC PINK: EDXC, OTC: SPRWF, OTCQX: TGODF, TSX: ACB, TSX: TGOD

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.

Medical Marijuana

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.

Hemp Legislation

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.

Cannabis Stocks

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

Join Stock Market Press’ newsletter for the latest in IPO, market commentary and company profiles.

Stock Market Press is a financial news company that delivers up to date stock news, introduces private and public companies to a wide audience of investors, consumers, journalists and the general public via social media and a rapidly expanding network.

Contact:

Stock Market Press
110 Wall St.
New York, NY 10005 info@stockmarketpress.com Safe Harbor Statement:

Statements in this news release may be ”forward-looking statements.” Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and are likely to, differ materially from what is expressed or forecasted in forward-looking statements due to numerous factors. Any forward-looking statements speak only as of the date of this news release and Stock Market Press undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this news release.

See Stock Market Press disclaimer: https://stockmarketpress.com/disclaimer/ SOURCE: Stock Market Press

Shannon Roxborough

Shannon Roxborough is SMP's senior contributor writer. A financial journalist for more than 20 years, he has covered U.S. and global markets across all sectors. A former correspondent with Money magazine and columnist with Small Cap Investor, his writings have appeared in The Wall Street Journal and numerous other financial publications.