The big news today is that a bill to legalize marijuana in New York has finally been crafted.
Here are the bits that you need to know (via NYT):
- Creates “consumption sites” where marijuana can be smoked legally, but not alcohol.
- Allows delivery services for marijuana.
- Allows citizens to cultivate up to six marijuana plants in their homes, indoors or outdoors.
- Significantly expands the list of medical conditions covered for receiving medical marijuana.
- 40% of tax revenue will be reinvested into minorities communities, more each year.
- There will be a 9% state tax on products and a 4% local tax
- Large portion of business licenses are going to minority business owners.
- Bill could pass State legislature by the end of next week.
- However, we are probably at least a year out until we see the first purchases of legal weed.
You can only recreational marijuana in your home 18 months after the first dispensary opens up. If it is medical marijuana you’re growing, you only have to wait 6 months after the bill is enacted.
New York’s cannabis market is expected to bring in $5.8 billion annually by 2027.