Bloomberg News reports:
New York is ready to legalize recreational marijuana. The state would impose special pot taxes and prepare to license dispensaries under an agreement reached by Gov. Andrew Cuomo and legislative leaders.
The deal that legislative leaders brokered with Cuomo (D) calls for a 13% sales tax, 9% of which would go to the state and 4% to the localities.
Distributors additionally would collect an excise tax of as much as 3 cents per milligram of THC, the active ingredient in cannabis, with a sliding scale based on the type of product and its potency.
Marijuana Moment reports:
Legislative leaders have signaled that they’re agreed to compromises with the governor on most significant issues, but they’re still working the legislation to resolve differences in “shall” versus “may” language on some provisions, make additional small technical changes and address issues such as technology to detect impaired driving.
“I believe New York is the progressive capital of the nation—not just because we say it is but because we perform that way. And legalizing cannabis is this year’s priority to be the progressive capital of the nation,” Cuomo said in a briefing with reporters. “We won’t be the first, but our program will be the best.”
SCOOP: New York is ready to legalize recreational marijuana. The state would impose special pot taxes and prepare to license dispensaries under an agreement reached by Gov. Andrew Cuomo and legislative leaders, @LizKrueger confirmed. @bgov @business https://t.co/dhTOZKKWxe
— Keshia Clukey (@KeshiaClukey) March 24, 2021