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Recreational cannabis was made legal in New York in 2021. It was the 16th state that permitted the ownership of about 3 ounces (85 g) of cannabis, provided that they are over the age of 21.
Before the legalization, the market was solely driven by medicinal cannabis, with a revenue of USD 1.84 billion in 2018. After establishing the market, sales will rise to approximately $7 billion stupendously. With the current plans and licenses, by 2023, cannabis can be legally bought and supplied. Unsurprisingly, all cannabis companies residing in New York City want a part in this massive market.
New Yorkers can now legally possess and smoke marijuana. Adults over 21 can purchase, own, transport, and gift about 3 ounces or 24 grams of concentrated cannabis. Smoking laws allow people to smoke marijuana in places where tobacco use is permitted freely.
It is still illegal to use cannabis in motor vehicles (parked or driving), workplaces, or restaurants, according to the smoke-free air act (SFAA). Any person under the age of 21 will be fined and charged accordingly. Furthermore, owning or selling more than 3 ounces of marijuana is also illegal.
Though permissible in 2014, medical cannabis use has also been upgraded. The conditions and options provided to patients were also updated. Doctors can prescribe marijuana to patients with disorders they think can be cured with it. A state health provider can allow and certify the use of cannabis provided that the patient is in need. A patient can purchase cannabis for smoking from medical cannabis dispensaries with a prescription that lasts for 60 days.
After the regulations are set, one individual can plant three cannabis plants. Each household can grow a maximum of 12 cannabis plants, mature and immature included. Patients will also be allowed to grow their marijuana with a maximum of 3 plants per patient.
Moreover, all previous cannabis-related crimes and violations were also dismissed under the new legislative bill. People with certain marijuana-related convictions will have their records expunged. Previous cannabis-related criminals will be free of their convictions and will not be held accountable for these crimes in domestic, educational, or work-related cases.
Simply said, the new laws state that:
Though the cannabis bill was passed in 2021 by the former New York Governor Andrew Cuomo, many details need to be known.
Existing information points out that medical operators and providers will be allowed to participate in the recreational field if they pay all the set taxes and dues. They will virtually also be at an advantage in the recreational market. Medical marijuana operators will be paying a lower tax than recreational pot sellers.
Three types of taxes will be imposed on cannabis. Retail taxes on cannabis products will be up to 13%, 9% of which will belong to the state and the rest to the local municipality. Both of these taxes are exempted from medical cannabis. Distributor taxes will be charged based on the proportions (mg) of THC in the products.
The collected tax revenue will be projected into drug-awareness programs, equity funds, schooling, and rehabilitation. Income from sales will also be reinvested in communities affected by racially disproportionate policing of drugs. This revenue covers a reasonable cost of administering the program and implementing the law.
Moving forward, the industry will be regulated by the freshly formed Office of Cannabis Management and the Cannabis Control Board. This board will be responsible for licensing cultivators, processors, distributors, and dispensaries to allow them to grow and sell cannabis in New York. The Office of Cannabis Management will also regulate other cannabis laws.
Other investors, advocates, or executives who have helped shape the legal industry will also be allowed to participate in the regulations.
As the market moves to its virtual form, many cannabis companies are looking forward to entering the legal market. Local weed vans and galleries may pose a threat to the current market. Many gray market operators have seemed to launch cannabis shops which are currently eating away marginal profits of legal cannabis companies.
Since there is no proper check, many gray businesses have decided to set their foot in the market before it has even properly launched. To them, this step is nothing but an advantage to small businesses before the bigger companies roll out.
Though weed can be found in dispensaries and pot shops, we suggest purchasing your products from us at Gotham Medical and Rec Dispensary Delivery. We provide flash deliveries and same-day deliveries, as well as offer pick-up from our locations. Contact us for your premium weed and related products.
At Gotham Meds, we strive to provide the very best to our clients. Everything can be provided to you at your doorstep, from simple edibles to pre-rolls and concentrates. We provide various products to choose from all over New York City. Hand-delivered from the best dispensaries in NYC, Gotham Meds works to provide a 5-star experience with sheer dedication and consistency.
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