One Step Closer: Tentative ... | Lippes Mathias LLP

One Step Closer: Tentative NYS Cannabis Legalization Deal Reached

March 25, 2021 | Client Alerts

As close it can possibly get now. With a tentative deal seemingly reached, here is a slice of what appears to lie ahead for NY and its place in the legal cannabis industry:

Permitted license structure includes cultivation and processing, wholesale and distribution, and retail, as well as an array of microbusiness licenses
Home grow allowed for adults over the age of 21, accommodating for 3 mature and 3 immature plants per person, or up to 12 total plants per household
Overhaul of the medical program to allow for additional medical conditions and smokeable use to be permitted
Potential for half of all adult-use licenses to be issued in accordance with a social equity program
Launch date for retail sales end of 2022/beginning of 2023
Wholesale tax based on product potency levels could be as much as $0.03/mg of THC
Onsite consumption permits (i.e. cafes and coffee shops) agreed upon in some form
Total tax on products of 13%, split between the state and local government at 9% and 4% respectively
NYS Cannabis Control Board to contain 5 members, 3 selected by the governor, 1 each selected by the Assembly and Senate
Still no concrete plan on how to deal with impaired driving