New York’s S.B. S854 would provide the regulatory framework for adult-use cannabis, construct a licensing and taxation system for adult-use sales, create a social and economic equity program to assist individuals unfairly targeted and impacted by cannabis enforcement and expand the state’s existing medical cannabis and hemp programs, as noted in a press release on the New York state government website.
Cuomo’s administration projects that legalization could generate 30,000 to 60,000 jobs across New York and that tax collection from the program could reach $350 million annually, the release states.
“For generations, too many New Yorkers have been unfairly penalized for the use and sale of adult-use cannabis, arbitrarily arrested and jailed with harsh mandatory minimum sentences. After years of tireless advocacy and extraordinarily hard work, that time is coming to an end in New York state,” Cuomo said. “Legalizing adult-use cannabis isn’t just about creating a new market that will provide jobs and benefit the economy — it’s also about justice for long-marginalized communities and ensuring those who’ve been unfairly penalized in the past will now get a chance to benefit. I look forward to signing this legislation into law.”
According to the release, New York’s Cannabis Regulation and Taxation Act contains the following