Adult-use legalization measures have been introduced in both houses of New York’s legislature, which would set up a taxed and regulated system allowing adults aged 18 and older to possess, and adults 21 and older to purchase, cannabis in the state. The Senate version, S.3040, is sponsored by Democrat Sen. Liz Krueger, while the House version, A.3506, is sponsored by Democrat Crystal Peoples-Stokes.
The measure would allow personal possession up to 2 ounces of flower and up to 8 grams of concentrates. It would permit adults to grow up to three mature plants in their home providing for six plants total and allow retail locations to acquire an on-site consumption license if approved by the local government.
Legal sales would be tagged with a 15 percent excise tax, cultivators would be charged $35 per ounce of flower and $10 per ounce of leaves upon transfer, and $5 on the sale of immature plants. Localities could also impose their own taxes. Under the measure, 15 percent of tax revenues would be earmarked for law enforcement and drug rehabilitation programs. Additionally, the proposal calls for “ordinary and necessary expenses” deductible by licensed businesses for New York State tax purposes.
The measure has been referred to the Finance Committee in the Senate, and the Codes Committee in the Assembly.
Get daily cannabis business news updates. Subscribe
End
