Want to get in on the ground level of New York’s emerging cannabis market, this is your wake call!
- David B. Feder, Esq
- Apr 16, 2021
- 1 min read
Updated: Jun 14, 2021
Obtaining one of the competitive cannabis business licenses, and doing cannabis-related business compliantly requires extensive experience.
Working with the right advisors is paramount.
-Licenses for commercial cultivators, processors, distributors, retailers, cooperatives and nurseries, with a prohibition on vertical integration except for microbusinesses and existing medical cannabis operators.
-Social consumption sites and delivery services would be permitted.
-Cannabis products would be subject to a state tax of 9%, plus an additional 4% local tax. Cannabis distributors would also be taxed based on type of product, as follows: 0.5 cents per milligram for flower, 0.8 cents per milligram for concentrated cannabis and 3 cents per milligram for edibles.
-Effective immediately, there would be no penalties for public possession of up to three ounces of cannabis or 24 grams of marijuana concentrates, and people could store up to five pounds of cannabis at home.
-Adults could also cultivate up to six plants for personal use, three of which could be mature. A maximum of 12 plants could be grown per household with more than one adult.
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