The governor of New York on Tuesday signed a bill to provide provisional marijuana cultivator and processor licenses for existing hemp businesses that take certain steps to promote equity in the emerging industry. Assembly Majority Leader Crystal Peoples-Stokes, who championed the state’s adult-use legalization bill that was enacted last year, and Sen. Michelle Hinchey (D) sponsored the newly signed legislation. The aim is to simultaneously expedite the process of standing up New York’s adult-use market while supporting efforts to reach ambitious equity goals with respect to cannabis business participation. Gov. Kathy Hochul (D) said in a press release that she is “proud to sign this bill, which positions New York’s farmers to be the first to grow cannabis and jumpstart the safe, equitable and inclusive new industry we are building.” “New York State will continue to lead the way in delivering on our commitment to bring economic opportunity and growth to every New Yorker in every corner of our great state,” the governor said. Tuesday’s signing action comes just days after lawmakers in both chambers advanced the measure to Hochul’s desk.

Kyle Jaeger, Marijuana Moment, 02/22/2022 10:43:00

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