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Cannabis Column | July 28, 2021

What Will New York's Legal Cannabis Market Look Like?

At the end of March 2021, Governor Cuomo signed a cannabis bill into law, legalizing recreational cannabis for adults over the age of 21. New York became the 15th state to legalize cannabis, opening up a legal market that has the potential to be worth $7 billion once fully established. So, what does legalization mean for New York? Effective immediately, New Yorkers over the age of 21 can possess cannabis and smoke it anywhere that they can legally smoke tobacco. New Yorkers can possess up to three ounces of cannabis flower and 24 grams of concentrate. They can store up to five pounds of cannabis at home, but they will have to take “reasonable steps” to make sure it is stored in a secure place. Recreational users will be allowed to cultivate up to six plants at home, indoors or outdoors; and a household can grow up to twelve plants. However, recreational users will not be allowed to grow their own cannabis until 18 months after the first adult-use dispensaries open, which will be sometime in 2022. People with marijuana-related convictions for behavior that is no longer criminalized will have their records immediately and automatically expunged. One fairly unique element of New York’s new cannabis law is that there will be “consumption sites,” or club-like lounges where cannabis can be legally consumed.

How Will New York’s Legal Cannabis Market Operate?

Cannabis products will face a 13% sales tax. However, New York medical card holders will only pay 7%. New York’s recreational cannabis market will operate as a two-tier system. Cannabis operators can be either cultivators, meaning they can process and distribute their own products, or retailers, meaning they can sell cannabis products to the consumer, but are banned from cultivation. While it will be some time before New York State opens recreational dispensaries, New Yorkers who want to optimize their cannabis and CBD experience should download the Jointly app on the App Store or the Google Play Store to get started on your cannabis wellness journey. Jointly can help you track and optimize the 15 factors that can impact your cannabis experience. These 15 factors include your dose, the time of day that you consume cannabis, your wellness goals, how much sleep you got the night before, and more.
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