As part of the 2021 State of the State, New York governor Andrew Cuomo has announced a proposal to legalize and create a comprehensive system to oversee and regulate cannabis in the state.

Under the Cuomo’s proposal, a new Office of Cannabis Management would be created to oversee the new adult-use program, as well as the State’s existing medical and cannabinoid hemp programs.

In addition, there will be an equitable structure for the adult-use market created by offering licensing opportunities and assistance to entrepreneurs in communities of color who have been disproportionately impacted by the war on drugs.

Once the program is fully implemented, legalized marijuana should make over $300 million in tax revenue.

“Despite the many challenges New York has faced amidst the COVID-19 pandemic, it has also created a number of opportunities to correct longstanding wrongs and build New York back better than ever before,” Governor Cuomo stated.

“Not only will legalizing and regulating the adult-use cannabis market provide the opportunity to generate much-needed revenue, but it also allows us to directly support the individuals and communities that have been most harmed by decades of cannabis prohibition.”

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