Recreational marijuana is a step closer to being legalized in New York after officials reached an agreement on special taxes, according to Bloomberg.
- Senate Finance Committee Chair Liz Krueger said a three-way agreement with Governor Andrew Cuomo and legislative leaders has been reached. The bill is now being finalized, with support from lawmakers.
- Under the agreement cannabis will be legalized for adults 21 years old and up at a 13% sales tax, of which 9% will go to the state and 4% to localities. Distributors will also collect an excise tax of 3 cents per milligram of THC.
- The governor’s office estimates annual tax revenues from legal cannabis at $350 million, with sales as early as a year after enactment.
- No changes will be made on taxes on medical marijuana, but the deal will increase the number of medical dispensaries and the number of medical products that can be sold.
- Existing medical dispensaries can add four additional sites, two of which in underserved areas. Registered medical marijuana organizations will also be able to add two adult-use dispensaries.
