Skip to content
Search AI Powered

Latest Stories

New York Strikes Agreement in Effort to Accelerate Adult-Use Cannabis Bill

Legal cannabis is seemingly imminent in New York.
Legal cannabis is seemingly imminent in New York.

This article originally appeared in Benzinga and appears here with permission.

New York is fast-tracking marijuana legalization .


That's according to Senate Finance Committee Chair Liz Krueger, citing an agreement between Governor Andrew Cuomo and the State Legislature on a deal to legalize adult-use cannabis sales for adults over 21.

“It is my understanding that the three-way agreement has been reached and that bill drafting is in the process of finishing a bill that we all have said we support,” Krueger told Bloomberg on Wednesday, March 24, 2021.

The measure could be on the floor and ready to be voted upon as early as next week, she added.

An Anticipated Deal: Cuomo is a long-standing proposer of legalizing recreational cannabis in the state. Recall his including a cannabis reform proposal in his budget request earlier this year.

The request was denied by the Senate, who moved the conversation to achieving a deal with the executive branch, for the introduction of a separate bill on cannabis reform.

While the text language has not been made public yet, Krueger says the agreement will include a 13% sales tax, 9% of which would go to the state and 4% to the localities. 

An excise tax of as much as 3 cents per milligram of THC could also be included.

Effects On The Cannabis Markets: A fast-tracked legalization bill in New York could mean a great blow to the New Jersey cannabis market, per a recent analysis by Cantor Fitzgerald.

New Jersey legalized recreational cannabis last November through a ballot vote, and is still aiming to close regulations, which could be delayed until late 2021 or early 2022.

A pre-approved bill between the executive and legislative branches in New York could help the state reach a comprehensive regulation sooner. Legal cannabis in New York would mean a loss for New Jersey, as much of its market was envisioned in out-of-state buyers coming from New York.

According to analyst Pablo Zuanic, if New York legalizes before New Jersey, stocks from companies with operations in the Empire State and not in the Garden State — like Cresco Labs — would see benefit.

Those on the opposing end, with only New Jersey operations (like Ayr Wellness, TerrAscend and Verano) would experience a negative outcome.

Companies with operations in both states would still experience a positive effect. These include Acreage, Columbia Care, Curaleaf, and Green Thumb Industries.

Are you still missing out on The Bluntness newsletter? Sign Up today to stay in the loop.

More For You

Kanye West Is Spiraling—And Our Mental Health System Is Letting It Happen - The Bluntness
Kanye West Is Spiraling—And Our Mental Health System Is Letting It Happen - The Bluntness
Photo by Axel Antas-Bergkvist on Unsplash

Kanye West Is Spiraling—And Our Mental Health System Is Letting It Happen - The Bluntness

Kanye West, aka Ye, isn’t just trending—he’s unraveling in real time. And instead of intervention, we get viral clips, condemnation, and an audience watching a man self-destruct. His latest stunt? Airing a Super Bowl ad promoting a swastika-emblazoned Yeezy shirt on his site—a move so blatantly antisemitic that even the most die-hard supporters had to step back. This act garnered significant media coverage, leading to brands cutting ties and agents dropping him. His social media account faced scrutiny and was ultimately deleted after a history of controversial postings. But here’s the problem: canceling Kanye doesn’t fix Kanye.

At this point, the question isn’t whether his actions are inexcusable (they are). The question is, what happens when one of the world’s most influential figures is also one of the most untreated cases of mental illness in pop culture history?

Keep ReadingShow less
Senator Hickenlooper Resurrects Landmark Cannabis Legalization Bill
Senator Hickenlooper Resurrects Landmark Cannabis Legalization Bill

PREPARE Act: Senator Hickenlooper Resurrects Landmark Cannabis Legalization Bill

In a significant move towards federal marijuana legalization, Democratic Senator John Hickenlooper (D-CO) has refiled a groundbreaking bill known as the Preparing Regulators Effectively for a Post-Prohibition Adult-Use Regulated Environment Act (PREPARE) Act

The legislation, introduced recently in the Senate, aims to establish a commission responsible for formulating a comprehensive regulatory framework for cannabis, similar to the existing system in place for alcohol. The bill seeks to address key issues surrounding cannabis regulation, including safety, criminalization, banking barriers, and coexistence with the hemp industry. Let's delve into the details of this important bill and its potential impact on the cannabis industry and the broader society.

Keep ReadingShow less
Why Gov. Hochul’s Cannabis Crackdown Stinks of Regression - The Bluntness

Why Gov. Hochul’s Cannabis Crackdown Stinks of Regression - The Bluntness

Hochul's Cannabis Crackdown: A Smelly Situation

If you thought New York’s legal weed rollout was already a trainwreck, buckle up—Governor Kathy Hochul wants to take us even further off the rails. Her latest bright idea? Making the mere smell of cannabis a “probable cause” for law enforcement searches. Yes, you read that right.

Just when we thought we were inching toward a rational, equity-driven cannabis policy, Hochul’s proposal drags us back into the bad old days of stop-and-frisk, racial profiling, and arbitrary police power.

Keep ReadingShow less
Cannabis Record

Cannabis Record Expungement: What's Taking So Long?

Legislation from recently-legal states has been quick to include language that leaves room for equity and expungement throughout the industry, especially for communities who’ve been directly impacted by the decades-long, racist War on Drugs.

But how many of these states are actually following through with their promises?

Keep ReadingShow less
New York's OCM Delivers Big Improvements on Cannabis Regulations
New York's OCM Delivers Big Improvements on Cannabis Regulations

Big News From NY's Office Of Cannabis Management (OCM) On Regulations

In an exciting development for New York’s burgeoning yet hobbled cannabis industry, the Office of Cannabis Management (OCM) has released a set of revised regulations that will shape the future of cannabis businesses in the state. 

These new regulations bring about significant, yet much needed changes to licensing, co-location, compensation arrangements, purchasing limits, and consumption areas, offering both opportunities and clarity for NY’s cannabis entrepreneurs and consumers alike.

Keep ReadingShow less