The legislation will create a two-tier licensing structure that will allow for a large range of producers. The legislation creates licenses for producers and distributors, among other entities, and the legislation will implement strict quality control, public health and consumer protections.
A social and economic equity program will create a goal of 50% of licenses to go to a minority or woman owned business enterprise, or distressed farmers or service-disabled veterans to encourage participation in the industry.
Adult-Use Tax Revenue
All cannabis taxes will be deposited in the New York State Cannabis Revenue Fund. Tax revenue will cover costs to administer the program and implement the law.
The remaining funding will be split three ways:
- 40% to education
- 40% to the Community Grants Reinvestment Fund
- 20% to the Drug Treatment and Public Education Fund