Gov. Andrew Cuomo and state legislative leaders reached an agreement Saturday night on legislation to legalize adult-use cannabis in New York State. The bill would establish the Office of Cannabis Management to implement a comprehensive regulatory framework that would cover medical, adult-use and cannabinoid hemp. The bill would also expand the state’s existing medical marijuana and cannabinoid hemp programs.
The legislation provides licensing for marijuana producers, distributors, retailers, and other actors in the cannabis market. It would create a two-tier licensing structure allowing for a large range of producers by separating those growers and processors from also owning retail stores.
Cuomo’s office said development of an adult-use cannabis industry in New York State has the potential to create significant economic opportunities. Tax collections from the adult-use cannabis program are projected to reach $350 million annually. There’s also the potential for this new industry to create 30,000 to 60,000 jobs statewide.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
Email the Author
Reach over 250,000 Commercial Real Estate Professionals with Connect
Connect CRE reaches the top commercial real estate players nationwide and across all property types, offering you a variety of ways to showcase your team, your expertise and your brand to CRE decision makers.
The home for CRE news and everything you need to stay informed on deals, trends, and transactions, providing a platform to get your brand in front of your target audience.
Daily CRE Emails
Reaching over 150,000 inboxes across the nation every day, Connect’s Daily News emails provide advertising opportunities specific to your market.
Bi-Weekly Property Sector Emails
Focus your advertising on emails dedicated to your property sector and stay visible to current and potential clients.
Position your team as experts in your field with content created by Connect’s editorial team and published on Connect’s news emails. Showcase your intelligence and broaden your reach.