Recreational Marijuana Bill Approved by New York State Legislature

 

After a long wait and a few hit and misses, the New York State Legislature has approved a marijuana bill for recreational use. The bill was passed in the Assembly late Tuesday with a 100-49 vote and in the Senate with a 40-29 vote. The state has joined 15th state, along with the District of Columbia across the nation, to have legalized cannabis for recreational use.

 

The Democratic Governor Andrew Cuomo said that he will sign the legislation immediately and did so on Wednesday morning.

 

Governor Cuomo thanked the Leader and Speaker and the tireless advocates who had worked to bring about the legislation. He called it a “historic day.”

 

The Marijuana and Taxation Act has become legal but it would take eighteen to twenty four months for marijuana to appear for sales in stores.

 

 

The bill calls for the formation of an Office of Cannabis Management that will oversee medicinal, recreational and agricultural aspects.

 

Cities, towns and villages can opt out of setting up adult dispensaries or consumption sites in their communities.

 

The bill has been in the offing from several years and adults in New York who are above 21 can soon legally consume pot.

 

Crystal Peoples-Stokes is the Assembly Majority Leader who sponsored the legislation. She said that the day had come to remove 90 years of prohibition.

 

Almost two-thirds of the north-eastern parts of the country have lifted restrictions and they are waiting for federal restrictions to be removed as well.

 

The Governor’s office said that the administrative is expected to earn $350 million per year in tax revenues after the legislation is totally implemented.

 

As expected the Democrats welcomed the recreational marijuana bill for various reasons and the Republicans opposed it for various reasons.

The Following Cannabis Companies who will benefit from the expansion are Sundial Growers, Canopy, Aurora, Aphria and the Cronos Group. Most attractive with huge amount of cash on hand holding $800 Million is Sundial growers.

 


Follow us on Google news for more updates and News










PLEASE READ THE IMPORTANT DISCLOSURES BELOW.

This content is being provided to you for informational purposes only. The content has been prepared by third parties not affiliated with CWEB Inc, a business. This content and any information contained therein, does not constitute a recommendation by CWEB to buy, sell or hold any security, financial product or instrument referenced in the content. This information neither is, nor should be construed as an offer, or a solicitation of an offer, to buy or sell securities by CWEB Inc. CWEB Inc. does not offer or provide any opinion regarding the nature, potential, value, suitability or profitability of any particular investment or investment strategy, and you shall be fully responsible for any investment decisions you make, and such decisions will be based solely on your evaluation of your financial circumstances, investment objectives, risk tolerance, and liquidity needs.

Unless stated otherwise, the web content provided by the CWEB family of companies is for educational purposes only. The information and tools provided neither are, nor should be construed, as an offer, or a solicitation of an offer, to buy or sell securities by CWEB Inc. or its affiliates. Unless stated otherwise, no information presented constitutes a recommendation by CWEB Inc. or its affiliates to buy, sell or hold any security, financial product or instrument discussed therein or to engage in any specific investment strategy.

Full Disclaimer

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.