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As was written about previously, under the pending cannabis laws in New York, individual cities, villages and towns will have the ability not to approve the sales and delivery of cannabis in their jurisdictions. The cannabis bill in New York is scheduled to be decided upon in the State Assembly and in the Senate this week, right before the state budget is due.
According to the Wall Street Journal, the Office of Cannabis Management was created in the cannabis proposal. This office will report to a board comprised of five members. Three of the members were appointed by the governor, and both the Senate and the State Assembly will each appoint one member. There is one estimate originating from the governor\’s office that legal cannabis could have the potential to contribute about 350 million dollars annually in taxes. This amount could contribute a major boost to the state after the New York State sales tax revenue decreased as the result of the pandemic
The money from sales and taxes derived from the cannabis industry will begin as soon as one year after the bill is enacted. At that point, limited ability for individuals to cultivate cannabis and its recreational uses would begin. Tax revenue from cannabis sales would be first allocated to the Office of Management, and to police officer training directed at detecting impaired driving. Forty percent of the revenue would then go towards school aid, then, forty percent would also be put towards a fund to establish grants for social equity. Finally,twenty percent would go to drug treatment programs and to public education.
The Assembly Majority Leader told Bloomberg News that regarding the incarceration of people for many decades resulting from illegal cannabis, the community reinvestment could greatly help those who were incarcerated during the war on drugs. These imprisonments ended up costing the government money, and the financial assistance provided by legal cannabis could reverse the dynamic for people who sold cannabis illegally in the past. They would now have the opportunity to be able to gain a legal license to sell cannabis.
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