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Czar of NY’s Cannabis Control Board Approves New Marketing Regulations

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By:  Benyamin Davidsons 

At the end of May, New York State’s Cannabis Control Board approved new marketing and packaging regulations including health labels for the upcoming sale of legalized cannabis across the state.  The Marijuana Regulation and Taxation Act, passed in March 2021, includes NY’s first framework for the legalization and management of the production, sale and use of marijuana.

New York’s Cannabis Control Board (CCB) is being led by Chairperson Tremaine Wright.  She will oversee the legalization and decide how to capitalize on cannabis, with an emphasis on promoting equity and inclusion across communities. Crain’s NY conducted an interview with Mrs. Wright.  The former attorney and state Assemblywoman was appointed, by Gov. Kathy Hochul in September 2021, to deliberate regulatory and tax policies regarding medical and adult-use cannabis in NYS.

Mrs. Wright told the publication that her interest in cannabis stems mostly from the opportunity it affords to truly impact communities and neighborhoods– and in particular those who had been disadvantaged by the state’s former legal restrictions.  She also noted the unique potential for economic development, and for New Yorkers to reap financial benefit from legal marijuana.  She said that she has learned a lot from watching how other states have handled legalization, and considers us lucky to have other states we can watch and take lessons from.  She added that there is a lot to learn from the medical community, and that there is still much research to be done.

Wright shared that she believes the hardest part of her task will be complying with the mandate to give out 50 percent of licenses to social-equity applicants. “It’s wonderful”, but also challenging, she told Crain’s. “You really have to create a network and industry that allows all these folks to participate successfully,” she said.

When questioned as to whether she uses cannabis, she responded “no”, but added, “I guess at some point, when we have legal sales in New York state, I will”.  She responded that the state’s first dispensaries are aiming to open for business by the end of the year.

She told Crain’s that she has confidence in the industry and thinks it’s a good opportunity which “allows people to participate and be successful. We’re trying to be deliberate about finding solutions for sustainability, inclusivity, lowering the cost of entry and trying to work on solutions that give people access to the industry.” She noted that their budget includes $50 million from the state, as well as a $200 million loan fund, passed in the state budget.  There is another $150 million slated to be raised in the private market stemming from institutional investors.

Wright also noted in the interview that they were working on coming up with electronic payment solutions, for people who would opt to pay in methods other than cash.  She mentioned the possibility of participation from state banks or some fintech businesses for electronic payments.

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