NY legalizes adult-use marijuana sales

New York state passes bill legalizing recreational marijuana

NY would also provide loans, grants and incubator programs to encourage participation in the cannabis industry by people from minority communities, as well as small farmers, women and disabled veterans.

NY is now among 16 states that have full legalization of marijuana.

The effects of New York's legalization will not just be limited to other governors and states, as the financial capital of the world, it also sets "a really good precedent from a federal point of view too", said Charles Bachtell, CEO of Cresco Labs Inc.

As of about 11 a.m. this morning, it is legal for people over 21 in NY state to possess up to 3 ounces of marijuana. The CDC provides a comprehensive guide on the impacts of marijuana.

Assembly Democratic majoritiy leader Crystal D. Peoples-Stokes, who sponsored the bill, said, "Unlike any other state in America, this legislation is intentional about equity".

This new effort adds to 35 existing test centers, most of which are in New York City.

This April 6, 2018, file photo shows the leaves of a marijuana plant inside Ultra Health's cultivation greenhouse in Bernalillo, N.M. New Mexico lawmakers are embarking on an unusual legislative session focused entirely on the legalization of recreational marijuana.

That means, for now, that you won't be prosecuted for possessing up to 3 ounces but you don't yet have a legal way to obtain it.

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NY would start automatically expunging records of people with past convictions for marijuana-related offenses that would no longer be criminalized. A police officer could still use the odor of burnt cannabis as a reason to suspect a driver is intoxicated, but the officer couldn't use that smell alone as justification for searching a auto for contraband.

NY would set a 9% sales tax on cannabis, plus an additional 4% tax split between the county and local government.

The state estimates a revenue of $350 million annually of which 40% will go to education, 40% will go to community grants and 20% will go to drug treatment.

Ben Kovler, chief executive officer of Green Thumb Industries Inc, the second largest US pot producer by market value, said his company will allocate "significant dollars" to the NY market - set to be the second largest legal market after California. It would also impose an additional tax based on the level of THC, the active ingredient in marijuana, ranging from 0.5 cents per milligram for flower to 3 cents per milligram for edibles.

Adults can now legally have up to five pounds of marijuana in their home as well as grow up to three mature cannabis plants in their home, the bill said. The move comes after multiple failed attempts at legalization in NY, and makes it the 15th state to legalize weed.

Democrats, who now wield a veto-proof majority in the state Legislature, say the legislation addresses concerns from Republicans, law enforcement groups and some suburban Democrats. Dispensaries won't open until more than a year from now, and localities could opt out of allowing such businesses.

The state will also launch a study due by December 31, 2022, that examines the extent that cannabis impairs driving, and whether it depends on factors like time and metabolism. He wants to see more specifics on how New York's plans for business incubators and other assistance for newcomers will actually provide them with access to financing.

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