After intense debate, the New York Assembly approved an initiative that legalizes adult cannabis use for the elderly.
“This historic legislation brings justice to long-marginalized communities, fosters a new industry that will grow the economy, and establish substantial security guarantees for people,” said Andrew Cuomo, governor of New York.
According to a press release, legalizing this industry could create between $30,000 and $60,000 new jobs and create at least $350 million a year in taxes.
The law also intends to provide social justice to different groups of the population who have been unfairly marginalized and imprisoned for minor cannabis-related crimes.
“The bill creates the Office of Cannabis Management to implement a comprehensive regulatory framework covering medical hemp, adult and cannabinoid use. The bill also expands existing medical marijuana and hemp and cannabinoid programs in New York State. The legislation licenses marijuana producers, distributors, retailers and other parties to the cannabis market, and creates a social and economic equity program to help people disproportionately affected by compliance with the cannabis law they want to participate in the industry. “
Industry revenue will also have to go to funds such as 40% for education, 40% for the Community Subsidy Reinvestment Fund, 20% for the Fund for Drug Treatment and Public Education.
What will be allowed?
- Cannabis deliveries
- Home cultivation of up to 6 plants
- Cannabis use is allowed in authorized locations.
- Creates an office for cannabis control.
- Penalties of up to three ounces are eliminated.
- Elimination of the criminal blade related to cannabis offences.
- 13% tax on adult cannabis products will be included.
- It is planned to provide licenses to people of all social classes.
- Loans will be made to small businesses.
- Direct taxes on investment in the communities most affected by the war on drugs.
Since 2021, 15 states have legalized the cannabis industry (sale, possession, cultivation, distribution, processing, etc.). New York and New Jersey are the last two to do it.