On July 20, New York Senator Jeremy Cooney, D, filed S7295. Under this bill, cannabis farmers could operate with a temporary license to prepare for the growing season. That is, if the Office of Cannabis Management doesn’t finalize recreational cannabis rules by January 1, 2022.
“This legislation enables New York cannabis farmers to put seeds in the ground, so that the economic benefits of legalizing marijuana are not delayed for another growing season,” Senator Cooney explained in a press release. “We passed adult-use recreational marijuana with the promise of investing in communities most negatively impacted by the failed War on Drugs. This bill allows us to start fulfilling that promise by creating a supply chain of products for retailers in this new economy.”
Senator Cooney’s bill comes at an interesting time for the New York General Assembly. Lawmakers failed to make regulatory appointments before they recessed for the summer. Now, S7295 heads to the Senate Rules Committee for hearing.
New York Cannabis
Governor Andrew Cuomo, D, signed a recreational cannabis legalization bill in March. Since then, adults 21 and over can possess up to three ounces of cannabis on them at one time. However, farmers haven’t started their cultivation yet. Also, stores won’t open until next year. Even when stores open, they may not have supplies if farmers can’t start production sooner.
“Such provisional license shall include the same authorizations granted to (a) cultivator’s license, and shall take effect no later than March 1, 2021,” S7295’s bill summary states. “If the board has not established either the cultivator’s license or cultivator’s provisional license by January 1, 2022, the department of agriculture and markets shall establish and issue such licenses until such time the board is able to do so.”
By getting growers started sooner rather than later, the fledgling cannabis industry can keep up with demands.
Projected Future
The New York state comptroller recently said New York could generate up to $245 million in annual tax revenue. Immediate revenue will go towards building, funding, and sustaining the recreational cannabis market in New York. After that, 40 percent of revenue will go to schools using the state’s lottery award system. Another 40 percent will go to community reinvestment. And the final 20 percent will fund drug treatments and public education opportunities.
New York has a huge cannabis future ahead of it. And with S7295, the state could guarantee it continues to work out for them.
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