New York Gov. Kathy Hochul’s push to replace the state’s potency tax on cannabis products with a flat excise tax went into effect June 1, the beginning of the new fiscal year for the state.
Most marijuana operators in the developing East Coast market are applauding the move, which particularly will benefit smaller retailers and processors as well as social equity licensees, industry sources told MJBizDaily.
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The tax change, implemented as part of the state’s $237 billion fiscal 2025 budget, is considered a win for consumers as well.
Retail cannabis products are expected to drop in price – a key development as state-regulated marijuana companies compete against hundreds of unlicensed weed shops in the state, particularly in New York City.
Hochul, who has
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