NY moves to legalize adult use marijuana

New York lawmakers have finalized an agreement to legalize recreational marijuana sales to adults over 21. It would eliminate penalties for possession of less than three ounces, and automatically expunge records of people with convictions. (March 29)

Video Transcript

ELLIOT CHOI: It's about time. They've been looking to legalize adult use for-- in earnest, for the last three years. First and foremost, the law isn't signed yet. So, nothing-- nothing is officially legal. So, the threshold you see out there in the summaries and the news stories don't apply just yet, but what the law will allow for is possession of up to three ounces on your person, outside in public, would no longer-- just would no longer result in a crime for those wanting to grow at home. Right now, the bill contemplates you can have up to six plants, three of them mature at a single time, and up to five pounds of cannabis within your household.

So, there's going to be a lot of the tax cannabis revenue is going to be allocated towards Community Reinvestment grant. Right now, it's 40% of the cannabis revenues collected will go to this fund, and that fund will be used to reinvest in disproportionately impacted communities from the war on drugs, and not necessarily with respect to the cannabis industry. They'll provide job placement services, help rebuild infrastructure for these communities, and part of what the MRTA is contemplating is that some of these funds will be used to help social equity, entrepreneurs, really gain this understanding and provide them with resources to be able to complete an application, and do so in a way that will compete with some of the more capitalized players.