New York: Governor Cuomo Signs Marijuana Legalization Legislation into Law

March 31, 2021 (Investorideas.com Newswire) New York Governor Andrew Cuomo today signed The Marijuana Revenue and Taxation Act (MRTA) into law, which legalizes and regulates an adult-use commercial marijuana market in New York State, and also permits those over the age of 21 to cultivate personal-use quantities of cannabis in their own homes.

The provisions specific to the personal possession of marijuana took effect upon signing.

"I just signed legislation legalizing adult-use cannabis," Governor Cuomo said in a statement. "The bill creates automatic expungement of previous marijuana convictions that would now be legal. This is a historic day. I thank the Leader and Speaker and the tireless advocacy of so many."

NORML Executive Director Erik Altieri stated, "This signals an end to the racially discriminatory policies that have long made the Empire State the marijuana arrest capital of the United States, if not the world. This stops police from annually arresting tens-of-thousands of New Yorkers for low-level marijuana offenses, the majority of whom are overwhelmingly young, poor, and people of color."

NORML Deputy Director Paul Armentano added, "The passage of this legislation will not only have serious economic and social justice ramifications for its nearly 20 million residents, but it no doubt will have ripple effects across the nation and arguably also within the halls of Congress — providing further pressure on federal lawmakers to amend federal law in a manner that eliminates the existing inconsistencies between state and federal cannabis policies."

Six percent of US House members represent New York State, and seven percent of all Congressional House Committee and Subcommittee Chairs are from New York.

Empire State NORML Deputy Director Troy Smit said, "It's taken a great amount of work and perseverance by activists, patients, and consumers, to go from being the cannabis arrest capital of the world, to lead the world with a legalized market dedicated to equity, diversity, and inclusion. This might not be the perfect piece of legislation, but today, cannabis consumers can hold their heads high and smell the flowers."

The Act established a process for the licensed production and retail sale of marijuana to adults. Regulators would license delivery services and on-site consumption facilities. Retail sales will be taxed at nine percent, plus up to a four percent local tax, as well as an additional tax based upon THC content. Localities that do not wish to have cannabis retailers in their neighborhoods can opt out, but they will not receive tax revenues if they choose to do so. The Act also provides expungement relief for millions of residents with past cannabis convictions on their records.

Forty percent of tax revenue will be directed toward communities disproportionately impacted by cannabis prohibition. Provisions in the MRTA seek to award half of all business licenses to social equity applicants.

NORML advocates for changes in public policy so that the responsible possession and use of marijuana by adults is no longer subject to criminal penalties. NORML further advocates for a regulated commercial cannabis market so that activities involving the for-profit production and retail sale of cannabis and cannabis products are safe, transparent, consumer-friendly, and are subject to state and/or local licensure. Finally, NORML advocates for additional changes in legal and regulatory policies so that those who use marijuana responsibly no longer face either social stigma or workplace discrimination, and so that those with past criminal records for marijuana-related violations have the opportunity to have their records automatically expunged.

Find out more at norml.org and read our Fact Sheets on the most common misconceptions and myths regarding reform efforts around the country.

Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. Contact management and IR of each company directly regarding specific questions.

More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release and our other news services on the Investorideas.com newswire https://www.investorideas.com/News-Upload/ and tickertagstocknews.com

Global investors must adhere to regulations of each country. Please read Investorideas.com privacy policy: https://www.investorideas.com/About/Private_Policy.asp

Buy a cannabis guest post on Investorideas.com