The New York Legislature introduced A01617 / S01527 the Marijuana Regulation and Taxation Act that will regulate, tax and control marijuana like alcohol. The legislation indicates that there are roughly 1.5 million regular marijuana users in New York with half living in New York City. The state estimates that the market for marijuana in New York is $3.1 billion. The state also projects an estimated $436 million in tax revenue with an additional $336 million in tax revenue in New York City.
Below are 6 things that cannabis businesses should know about New York’s recreational marijuana bill.
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Persons twenty-one years and older may legally possess, transport and transfer without remuneration up to two pounds of marijuana and four and one-half ounces of concentrated cannabis.
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Employers must establish by a preponderance of evidence that a person’s legal use of marijuana impaired the individuals ability to perform their job .
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Voters in local municipalities can petition for a referendum on the ballot to determine whether the local municipality will allow retail marijuana stores and on-site consumption at a retail marijuana store that serves food. A municipality may prohibit marijuana establishments through the adoption of an ordinance.
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Licenses will be issued for marijuana businesses including nurseries, growers, processors, distributors, retailers, microbusinesses, on-site consumption entities, delivery and testing facilities.
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Minority and woman owned businesses receive favorable weighting considerations in the licensing process.
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An excise tax fo 15% recreational marijuana sold by a retailer or microbusiness.