Let’s take a closer look at New York´s cannabis laws and what they mean for you.
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New York Cannabis Law
Indeed, with sales expected to top $15 billion in the U.S. in 2020, and rise to $34 billion by 2024, it seems inconceivable that N.Y. won´t be looking for their own slice of the humble cannabis pie.
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But the law’s centerpiece is a set of social equity provisions that should pour 40% of tax revenues from legal weed sales into communities long-devastated by over-policing and offer marijuana business opportunities to traditionally underrepresented groups.
New York State’s Urban Development Corporation will receive additional funding to provide assistance to social equity applicants — including creating a small business incubator that will dole out low- and no-interest loans to help pay for start-up costs.
Who Qualifies as a ‘Social Equity Applicant’?
License applicants who put forward plans that include community benefits and ways to help people impacted by the drug wars are to be given additional preference as well.
“You can do priority licensing for social equity, but if there isn’t an avenue for people to be able to access capital it becomes a moot point because of federal prohibition it’s just about impossible for people to access the normal type of small business loans that would generally be available,” she added.
The new law builds on one the legislature passed in 2019. It now will provide for an expanded expungement of convictions for marijuana or concentrated cannabis offenses.