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New York & Tri-State   /   March 29, 2021

Paul Bubny
By: Paul Bubny

NY State Leaders Reach Agreement on Bill to Legalize Adult-Use Cannabis

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.

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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.
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