New York Moves Toward Legalizing Recreational Marijuana

For New York state, 2018 has brought optimism and some fresh perspective for lawmakers debating the legal status of marijuana. In his Wednesday address regarding the 2018 Executive Budget Plan, Governor Andrew Cuomo (D) delivered remarks on “revenue raisers” – new taxes and fees that can potentially infuse ~$1B into the New York economy. Among several proposals put forth to accomplish this, the Governor made it apparent that he is open to the idea of legalizing recreational use of marijuana as a major revenue generator.
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Vermont Makes History by Legalizing Marijuana Through a Legislative Process

 

Vermont made history today by becoming the first state to legalize recreational marijuana through a legislative process, as opposed to voter initiative. Vermont Governor Phil Scott (R) signed into law House Bill 511, which makes it legal for adults over 21 to possess up to one ounce of cannabis or five grams of hash, and removes penalties for possession and cultivation of up to two mature marijuana plants and up to four immature plants and home.
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Big Tobacco Eyes the Lucrative Cannabis Industry

While their industry remains illegal on a federal level, many marijuana growers and retailers fear something completely different: Big Tobacco. Large tobacco companies have garnered expertise in lobbying, marketing, and manufacturing that have huge implications for competition within the cannabis industry. With estimated total revenue of $45B Cannabis sales are above both wine and chocolate consumption. Bloomberg Intelligence analyst, Ken Shea spoke of this as “an extremely compelling opportunity for the tobacco companies to look at closely.”
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Colorado Credit Union Goes National to Solve Cannabis Banking Problem

Due to the federal government’s stance on cannabis (schedule I drug), most cannabis business owners operate without access to traditional banking services. A Colorado-based credit union may have the solution. They have created software that allows for secure cannabis banking and are creating a network of financial institutions that are looking to cash in on cannabis banking.
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