A Comprehensive Cannabis Program for New York State: The Second Act

4y
12m read
Summary

On the other hand, the proposal would amend the Tax Law to exempt adult-use cannabis products from both the state and local sales tax. Distributor licensees are permitted to obtain adult-use cannabis and cannabis products from processors, microbusiness cultivators, adult-use cooperative or registered organizations and sell those products to retail dispensaries. By comparison, Colorado imposes a 15% excise tax on retail cannabis products upon the first sale or transfer from a cultivator or processor to a retail dispensary. Like all other classes of adult-use licenses, cultivators are prohibited from holding a retail dispensary license. These licenses are non-transferrable without consent of the OCM. OCM will also have authority over the final packaging and labeling requirements for such products.

Article Preview

Source; JD Supra: https://www.jdsupra.com/legalnews/a-comprehensive-cannabis-program-for-46295/

 

On January 21, 2020, as part of his 2021 Executive Budget, New York State Governor Cuomo released his proposed Cannabis Regulation and Taxation Act (CRTA)—his vision of a regulated cannabis market in New York State and second bite at the apple. In the 2019 New York State legislative session, which runs from January through June of each year, comprehensive cannabis legislation...

Read the full article @ Cannabis Law Report