Deal reached to legalize marijuana in NYS for recreational use (merged threads)

Deplorable Me

Deplorable Me

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So NY thinks they're going to control and tax it?

I predict a big upswing sale in grow lights and hydroponics. Now it will be a tax evasion issue at best. Being illegal on the federal level but legal on the state level how will legal operations pay federal income tax?

1578591198830_cuomoNYClegalization__WIDE2.jpg
 
Acer-m14

Acer-m14

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livingston said:
That has been proven in other states
Last week, the California Department of Tax and Fee Administration (“CDTFA”) reported that between January and March the state earned $60.9 million in tax revenue from the legal adult-use and medical cannabis industry. The $60.9 million figure does not include local tax revenue collected by cities or counties. The breakdown of revenue was as follows:
Excise Tax: $32 million
Cultivation Tax: $1.6 million
Sales Tax: $27.3 million

While $60.9 in new tax revenue may seem like a lot, the figure falls well short of the pace predicted by Gov. Jerry Brown in his 2018 budget proposal. He forecast up to $175 million in tax revenue between January and June of 2018


Why Did California Cannabis Taxes Fall Short? We Have Some Answers
Three Reasons Cannabis Tax Revenue Fell Short of Expectations
Delays in Licensing Preventing Business Operation
High Cannabis Tax Rates Credited for Boom in Black Market
California Municipalities Slow to Accept Cannabis Industry

elloinsights.com

This domain may be for sale!
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And the BATF/DEA raided the Business Operation's that were allowed to open .. ;)

www.forbes.com

Cops Raid Medical Marijuana Business, Seize Over $100,000, Including Teenage Girls' College Savings

Neither James, his wife nor their two daughters have been charged with any crime. Nor have any of Med-West’s employees been indicted.
www.forbes.com www.forbes.com
 
TEOTWAWKI inc.

TEOTWAWKI inc.

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kev74 said:
Its not hard. A bit of materials, labor & time, but very do-able with good results.
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I happen to like moonshine, but I quit drinking recently. I don't think most people find it palatable unless masked with a ton of added flavor/sugar. There was a stream at my last house. I would fill water jugs from it in the middle of the night to add some authenticity to the process.
 
Criticalt

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Saltwater60 said:
I’m not up for legalizing it but that is another point. Legalization is a complete fallacy since they are only legalizing 3 oz. it’s either legal or it’s not why have a limit?

The bill will reportedly create a new regulator for cannabis products, as well as decriminalize possession up to three ounces.
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Im sure someone already posted this but im not gonna read all the posts before I just spout off.
The reason for the 3 oz and sneaky wording is that the state wants their huge cut of the profits. If they completely "legalised" it, they would make nothing.
They specifically say you can "grow" up to 3 ounces because it will still be illegal to sell weed, of any amount without a NYS issued and heavily taxed licence.
I imagine more people will be arrested for weed crimes for awhile after implementing this law.....because most people wont actually read the law.
Ive literally already heard 3 people I know say, " weeds gonna be legal...woooohoooo, no more pot arrests!!!"......or something to that affect.
There are still going to be plenty of marijuana laws on the books....and plenty of arrests and fines.....more money for the coffers.
As many here have said, nothing is being legalized here, just more laws and more red tape to hopefully make tons of cash for the state.
 
TEOTWAWKI inc.

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I must give credit where credit is due, even if it was unintentional or for the wrong reasons. Could the timing on this have aligned any better with the gardening season? I'm sure there will be MANY arrests this year for illegal growing, as @Criticalt just mentioned. People will think it is completely unrestricted, plant a bunch of Mexican gas tank weed, pollinate all the good stuff, and eventually create some garbage invasive wild weed. Maybe the USDA should step in here and find a reason to fine the state out of existence.
 
MilesTeg

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Saltwater60 said:
3 mature and 3 immature plants.
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Ya I heard that on the radio also. I'm just joking around there is zero urge to grow any weed. I was talking with some coworkers and we all were wondering if hobby farming was possible and if profitable. I don't know if you can do bulk sales to distribution/THC companies? If not it wouldn't be too hard to grow more than your local market can stomach.
 
TEOTWAWKI inc.

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MilesTeg said:
Ya I heard that on the radio also. I'm just joking around there is zero urge to grow any weed. I was talking with some coworkers and we all were wondering if hobby farming was possible and if profitable. I don't know if you can do bulk sales to distribution/THC companies? If not it wouldn't be too hard to grow more than your local market can stomach.
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1. NY probably hasnt thought through all the restrictions they will create to jamb people up and squeeze them for revenue.
2. I woudnt consider that venture a "hobby" unless you have some kind of infatuation with red tape.
3. Absent the red tape, a small scale breeding program would be kind of fun.
4. Pot seeds from well known strains are quite expensive. Propogation from cuttings is quite easy
5. I forget what we were talking about
 
MilesTeg

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TEOTWAWKI inc. said:
1. NY probably hasnt thought through all the restrictions they will create to jamb people up and squeeze them for revenue.
2. I woudnt consider that venture a "hobby" unless you have some kind of infatuation with red tape.
3. Absent the red tape, a small scale breeding program would be kind of fun.
4. Pot seeds from well known strains are quite expensive. Propogation from cuttings is quite easy
5. I forget what we were talking about
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All points that were raised. Pretty much only profitable for corporate farming that can line politicians pockets.
 
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S&W Fan

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According to schmucky shoomer , legislation is in the works to legalize mary jane at the federal level.
Everybody, get ready to dust of your Turkish hookah “ tobacco” water pipes.
:hookah:
 
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BMF JK

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3oz possession when outside of your home and 5 pounds at home . 5lbs of real dank is some serious weight for self consumption.

Curious how employers will treat this as far as drug testing. I’ve read the bill , there was reference to employment testing for marijuana was discriminatory . Some have said it will be illegal for employers to terminate for marijuana use off the clock , I didn’t see that specifically in the bill .
 
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