- Cannabis Wire @cannabiswire
New York Democrats Pitch Cannabis Tax Overhaul
New York Democrats want to overhaul cannabis taxes.
On Monday, New York Assembly Majority Leader Crystal Peoples-Stokes and Sen. Jeremy Cooney coordinated a push for a bill that they say will lift up the legal cannabis industry.
The legislation, SB4831/A4619, would repeal the THC potency tax on adult use cannabis products and increase the excise tax from 9% to 16%. Under the Marihuana Regulation and Taxation Act, passed by lawmakers in March 2021, cannabis products are taxed in three ways: the 9% excise tax at retail, a 4% local tax at retail, and a potency tax that applies to products as they move from distributors to retailers and that varies by product type. Edibles, for example, are taxed at 3 cents per milligram of THC, and a typical package of edibles contains 100 milligrams of THC.
“After careful consideration, it…
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New York Democrats want to overhaul cannabis taxes.
On Monday, New York Assembly Majority Leader Crystal Peoples-Stokes and Sen. Jeremy Cooney coordinated a push for a bill that they say will lift up the legal cannabis industry.
The legislation, SB4831/A4619, would repeal the THC potency tax on adult use cannabis products and increase the excise tax from 9% to 16%. Under the Marihuana Regulation and Taxation Act, passed by lawmakers in March 2021, cannabis products are taxed in three ways: the 9% excise tax at retail, a 4% local tax at retail, and a potency tax that applies to products as they move from distributors to retailers and that varies by product type. Edibles, for example, are taxed at 3 cents per milligram of THC, and a typical package of edibles contains 100 milligrams of THC.
“After careful consideration, it…
