Summary List Placement
New York is the 16th state to legalize recreational cannabis in the US.
In the Empire State, recreational marijuana sales could balloon to $7 billion once the market is fully established. Seemingly every cannabis company in the country wants in.
Your big-picture run-down
Though sales are expected to begin sometime in 2022, New Yorkers can now possess and smoke marijuana if they’re over the age of 21. Medical marijuana was already legal in New York.
Growing marijuana at home, cannabis delivery, and “consumption lounges” — where customers can smoke cannabis in a designation location — will also be allowed in the state, though an exact date is still not known.
The state’s limited medical cannabis program will also see expansion under the new adult-use bill. The list of qualifying medical conditions for medical cannabis will be expanded, along with product options. Flower products, which are not allowed under the current program, may be permitted.
New Yorkers with previous marijuana convictions will have their records wiped clean under the law.
A timeline of when New Yorkers can smoke marijuana, grow it, and sell it legally
New Yorkers with previous marijuana convictions will have their records wiped clean under the new legalization law
Regulations and details about the market
Though Gov. Andrew Cuomo signed a cannabis bill into law in late March, many details still have to be ironed out before recreational sales can begin.
What we do know so far is that existing medical operators will be allowed to transition into the state’s recreational market, if they pay a fee, and that they’ll have an advantage as vertically integrated entities. The law also has a goal of 50% of its licenses going to social equity applicants, which it defines as those from communities disproportionately impacted by the drug war, minorities, women, small or distressed farmers, and service-disabled veterans.
Cannabis products will face a 13% sales tax, with 9% going to the state and 4% going to the local municipality, the bill said. There will also be an excise tax based on milligrams of THC.
Tax revenue will go toward a social equity fund, education, and drug-education programs.
A newly formed Office of Cannabis Management and a Cannabis Control Board will regulate the industry.
Read more: The key details every cannabis investor needs to know about New York marijuana legalization
The stocks that are primed to win in New York
The 10 cannabis companies that currently operate in New York’s medical market have a first-mover advantage. Seven of these operators — including Curaleaf, Green Thumb Industries, and Cresco — are publicly traded.
New York’s recreational market will operate as a two-tier system where operators may either be cultivators (allowed to process and distribute their own products) or retailers (barred from cultivation). The exceptions to this may be existing medical operators wishing to transition to adult-use and microbusinesses.
Incumbents will have two distinct advantages over newcomers: they already have the infrastructure set up to somewhat supply the new marketplace and they’ll be allowed to both grow and sell …read more
Source:: Business Insider
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