Gov. Andrew Cuomo announced Wednesday his proposal for a legal cannabis program across New York State.
The plan calls for a new Office of Cannabis Management. This group would oversee a nascent recreational program as well as New York’s current medical marijuana program.
The proposal, according to the Governor’s press office, would allow adults over the age of 21 to buy marijuana at state-approved dispensaries.
The goal is to generate roughly $300 million in tax revenue from the legalization effort and bolster state coffers, which took a hit due to the effects of the COVID-19 pandemic.
I’m announcing a proposal to legalize cannabis and create an equitable adult-use cannabis program in NYS.
This program will generate much-needed revenue, while allowing us to support those that have been most harmed by decades of failed cannabis prohibition.#SOTS2021— Andrew Cuomo (@NYGovCuomo) January 6, 2021
The news also bodes well for several mutli-state operators, or MSOs, that do business in New York. They include:
- Cresco Labs (OTCQX:CRLBF), which has at least four New York-based dispensaries under the Sunnyside banner. It also has the right to operate one cultivation facility.
- Columbia Care Inc. (OTCQX:CCHWF), which also owns four New York dispensaries.
- Acreage Holdings (OTCQX:ACRDF), which is based in New York and has four brands under its…
Original Author Link click here to read complete story..
Gov. Andrew Cuomo announced Wednesday his proposal for a legal cannabis program across New York State.
The plan calls for a new Office of Cannabis Management. This group would oversee a nascent recreational program as well as New York’s current medical marijuana program.
The proposal, according to the Governor’s press office, would allow adults over the age of 21 to buy marijuana at state-approved dispensaries.
The goal is to generate roughly $300 million in tax revenue from the legalization effort and bolster state coffers, which took a hit due to the effects of the COVID-19 pandemic.
I’m announcing a proposal to legalize cannabis and create an equitable adult-use cannabis program in NYS.
This program will generate much-needed revenue, while allowing us to support those that have been most harmed by decades of failed cannabis prohibition.#SOTS2021— Andrew Cuomo (@NYGovCuomo) January 6, 2021
The news also bodes well for several mutli-state operators, or MSOs, that do business in New York. They include:
- Cresco Labs (OTCQX:CRLBF), which has at least four New York-based dispensaries under the Sunnyside banner. It also has the right to operate one cultivation facility.
- Columbia Care Inc. (OTCQX:CCHWF), which also owns four New York dispensaries.
- Acreage Holdings (OTCQX:ACRDF), which is based in New York and has four brands under its…