CRON - New York's leaders reach deal to legalize adult-use cannabis

Governor Andrew M. Cuomo, Senate Majority Leader Andrea Stewart-Cousins, and Assembly Speaker Carl Heastie announced an agreement on legislation to legalize adult-use cannabis in the state, according to a statement from the Governor’s office.The bill will enable the establishment of an Office of Cannabis Management to implement a comprehensive regulatory framework that would cover medical, adult-use, and cannabinoid hemp.It will also expand New York’s existing medical marijuana and cannabinoid hemp programs, and provide licensing for marijuana producers, distributors, retailers, and other stakeholders in the market.With annual tax collections from the adult-use cannabis projected at $350M, a social and economic equity program will also in place to assist individuals impacted by cannabis enforcement. “I look forward to signing this legislation into law." Mr. Cuomo said.  Previously, Cantor Fitzgerald analyst Pablo Zuanic argued that the multi-state operators (MSOs) will not benefit enough from the potential legalization of cannabis in New York.Related tickers: TerrAscend (TRSSF), Columbia Care

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New York’s leaders reach deal to legalize adult-use cannabis