It was bad enough when the state’s labored rollout of legalized recreational marijuana was only costing the state tax revenue.

Now, not only is the state not generating revenue to pay for programs, New York’s inability to follow the roadmap set by other states is costing you millions of dollars. The state Senate’s budget – which joins the Assembly’s budget to form the baseline for negotiations between Senate leaders, Assembly leaders and Gov. Kathy Hochul – includes a $128 million bailout for marijuana farmers. The money includes $60 million for cannabis farmer loans, $40 million for grants through a newly created Cannabis Farmer Relief Fund and $28 million for cannabis farmer refundable tax credits to help offset money lost by farmers when there was no market to sell their crops because the state hadn’t given enough licenses to marijuana dispensaries to purchase all of the crops the state asked farmers to grow.

Ugh.

What’s even worse is the bailout is defensible. It’s not the farmers’ fault they did what they were asked. It’s not the farmers’ fault that Hochul vetoed legislation last year that would have created a market on tribal nation land. They were promised a market for their goods that never materialized. The state needs to help.

Of course, a better help would have been gettin the market right in the first place. Last week, Hochul announced an assessment of the state Office of Cannabis Management to get licenses approved more quickly and help retailers and marijuana businesses open quicker. That should have been the state’s focus when recreational marijuana was legalized three years ago, though the review is better late than never.

If there’s a positive, at least it’s only a $128 million mistake. For this state, it could have been a lot worse.

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State’s Slow Marijuana Rollout Continues To Cost You

7 2
25.03.2024

It was bad enough when the state’s labored rollout of legalized recreational marijuana was only costing the state tax revenue.

Now, not only is the state not generating revenue to pay for programs, New York’s inability to follow the roadmap set by other states is costing you millions of dollars. The state Senate’s budget – which joins the Assembly’s budget to form the baseline for negotiations between Senate leaders, Assembly leaders and Gov. Kathy........

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