New York State lawmakers struck a deal to legalize recreational marijuana with Gov. Andrew Cuomo. The move would create the largest legal cannabis market on the East Coast, potentially creating tens of thousands of jobs and significant startup opportunities.
“The Cannabis Law” legislation would create a new Office of Cannabis Management (OCM) controlled by a Cannabis Control Board. This is a big first step, though the sale of recreational weed is unlikely to begin in 2021.
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The framework needs a final review, and lawmakers still need to create the rules and regulations surrounding commercial sales though the Democratic-controlled State Legislature could pass the bill as soon as next week.
The deal comes after several failed attempts to bring recreational cannabis to New York. Neighbouring state New Jersey passed a recreational marijuana bill in the 2020 election.
The purposed bill allows for weed delivery and club-like consumption lounges where patrons can consume cannabis but not alcohol. In-home growing is also allowed and limited to six plants for personal use.
The deal funnels millions of dollars in tax revenue back to the communities where the failed war on drugs has had a disproportionately negative impact. This includes reserving many business licenses for minority business owners and providing loans, grants, and incubator programs for small farmers.
New York officials also intend to rework laws around possession by eliminating penalties for less than three ounces of cannabis. This would also expunge the record of those convicted of activities that are now legal.