NEW REC BILL GAINS MOMENTUM IN NEW YORK
A New York state bill to legalize REC flatlined earlier this spring, but now a new bill is attracting attention. The Marijuana Regulation and Taxation Act would allow Gov. Andrew Cuomo (D) to create an agency to oversee REC, MED and hemp-derived products like CBD.
Gothamist
- It would tax cannabis at a higher rate than the previous bill and set aside money to train cops to spot stoned drivers.
- Additionally it would set aside half of state cannabis revenue to be invested in equity communities including and cannabis business incubators.
- Gov. Cuomo said he wants to make REC legalization a priority before the legislative session ends on June 19.
Albany Times-Union - As the state health department considers MSO MedMen‘s proposed merger with PharmaCann, the L.A. retailer has contributed to New York politicians including Cuomo.
LoHud.com - In the meantime, New Yorkers are buying REC in Massachusetts.
Crains New York - With REC off the table for now, the New Jersey legislature passed a bill to expand the state’s MED program.
Cannabis Wire
Quick Hits
- MedMen is cutting costs after receiving the first $80M of an anticipated $250M credit line from Gotham Green Partners.
MJBiz, L.A. Business Journal - The Illinois legislature passed what one entrepreneur called a “tragically flawed” REC bill which he believes would benefit a small number of companies which are not required to disclose their owners.
Reuters - Cresco Labs, one of the largest Illinois-based operators, launched a corporate equity program with plans to advance record expungement, and support minority-owned vendors.
- A group of doctors and scientists warned the Massachusetts cannabis industry is heading for regulatory failure.
Boston Globe
