New York’s Massive Cannabis Gray Market Could Cost The State $2.6 Billion In Lost Taxes By The End Of The Decade

HOW AMERICA BOTCHED CANNABIS LEGALIZATION

As for the criticism that OCM’s focus on social equity and the slow rollout of the licensed market is effectively helping the unlicensed market take root on seemingly every corner of Manhattan and the other four boroughs, Kagia says doing the right thing takes time. “The state would generate about $200 million per year with 20% of the existing smoke shops converting to a transitional license,” says Paula Collins, an attorney who represents unlicensed dispensaries.

The real issue at hand is that some of the unlicensed shops, especially those operating as private clubs with modest “membership fees,” have a sound legal argument thanks to a loophole, or a “safe harbor provision,” depending on your perspective, in the Marijuana Regulation and Taxation Act that allows their unlicensed businesses to operate legally.

“I estimate that the state would generate about $180 million to $200 million per year with 20% of the existing smoke shops converting to a transitional license,” says Collins. “The way I see it is that the unlicensed market has always been here, and these transactions have always occurred. But it’s really the state that’s not making the overtures to the unlicensed market, which I think would really solve a lot of problems and put money in the pockets of the state and the city.

What are you going to do…. Tell them they can’t use a bank? 🤣

I think New York City is the perfect place for TheDemocrats to hold their convention. Lawlessness, 2024.

Why only 4? Only the rich and connected get license?

Everything the Left touches they destroy. Legalizing marijuana? Total chaos ensues. Not surprising.

You said it wrong 'capitalists turn an illegal drug into record profits and want to shut out competitors by keeping it illegal for them until they can take over the market'

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Early Addition: MSG owner James Dolan sics private eye on state official investigating his business empireBecause the rules are a little different when you're the son of a billionaire, here are your early links: tenants in rat-infested building threaten rent strike, EV cabbies have nowhere to charge, The Cure may be the cure for Ticketmaster shenanigans and more.
Source: Gothamist - 🏆 456. / 53 Read more »