, February 06, 2023
Yes! Cannabis is officially legal in New York State as of 3/31/21. The article below explains in detail how it was signed into law, as well as how it’s going to be taxed, regulated, and managed by the state government.
Besides what you’d already need to start any other kind of business, the key point of difference for launching a cannabis-related business in New York is a license. There are many different types of licenses available to apply for in New York, dependent on several key factors such as business size, interaction with cannabis products, and wholesale vs. consumer distribution.
The article below explains the different types of licenses in detail:
New York’s Recreational Marijuana Landscape: Key Takeaways | The Rodman Law Group, LLC - JDSupra
If you’d like to learn more about the legalization of cannabis as well as the new regulatory laws that will help maintain the cannabis industry in New York, the document below highlights in detail the state government’s perspective on cannabis as well as the expected impact of legalization on the state.
Thanks to the legalization of cannabis, the state government has created the Office of Cannabis Management, a new agency dedicated to help consumers and businesses understand and gain support under the law. If you have questions about legalization or its impact on your business, you can either email them at email@example.com or visit the website below to learn more:
Office of Cannabis Management | Office of Cannabis Management (ny.gov)
To combat federal interference in cannabis related businesses, Governor Cuomo as well as 20 other state governors have urged Congress to pass the SAFE Banking Act. This act would allow federal banks to provide services to state-licensed cannabis-related businesses without penalty or federal intervention. The bill has broad bi-partisan support and had made it through the House of Representatives in 2019 before stalling. It has passed through the House again in 2021, and is currently awaiting judgement from the United States senate. To learn more about this bill, click the link below:
Governor Cuomo, 20 Other Governors Issue Letter Calling on Congressional Leaders to Pass the SAFE Banking Act of 2021 (ny.gov)
Although the law allows for recreational use now, there are more regulations, policies and infrastructure that is are still in development. Dispensaries aren’t expected to open until more than a year from now.