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The act creates the Office of Cannabis Management (OCM) within the Division of Alcohol Beverage Control, a licensing regime with social equity provisions, and legalizes cannabis for adult use. [ 2 ] Tax revenue under the act for the state is estimated in the governor's budget proposal to be at least $350 million annually.
The Office of Cannabis Management is a New York state government agency established upon passage of the Marijuana Regulation and Taxation Act (MRTA) to implement a regulatory framework for medical and adult-use cannabis in the state of New York, along with hemp regulations as well.
to amend the public health law, in relation to the description of cannabis; to amend the penal law, in relation to the growing and use of cannabis by persons twenty-one years of age or older; to amend the tax law, in relation to providing for the levying of taxes on cannabis; to amend the criminal procedure law, the civil practice law and rules ...
New York regulators approved home grown cannabis rules this week, allowing adult New Yorkers to now possess up to 12 cannabis plants and five pounds of marijuana per household.
While the legislation failed to reach the Assembly floor, Ammiano stated his plans to reintroduce the bill later in the year, depending on the success of Proposition 19, the Regulate, Control and Tax Cannabis Act. [101] According to Time, California tax collectors estimated the bill would have raised about $1.3 billion a year in revenue.
California’s Business and Professions Code 26011.5 is explicit about the mission of the state cannabis regulatory agency: “The protection of the public shall be the highest priority. …
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Licensed sale of recreational cannabis in New York is expected to begin by 2023. [30] The state has set up a new campaign so cannabis consumers know if they are purchasing from a licensed facility. [citation needed] As of April 2022, 52 recreational cannabis cultivation licenses have been granted and approved within New York State. [31]