The New York Senate approves the Marijuana Licensing and Equity Act

By Jelena Martinovic

The New York Senate passed legislation on Tuesday that would grant provisional marijuana grower and processing licenses to existing hemp companies that are taking specific steps to promote equity in the nascent industry, Marijuana Moment reported.

The bill, sponsored by Sen. Michelle Hinchey (D) and passed by a vote of 50 to 13, aims to both accelerate the process of launching the New York market for adult use and to support efforts to meet equity goals related to participation reachable by cannabis companies.

Photo by Louis Hansel @shotsoflouis via Unsplash

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“I am proud to sponsor legislation to help them obtain conditional licenses that will allow New York to accelerate its cannabis program,” said Senator Hinchey. “Our existing cannabis growers, who have been hit the hardest by market volatility, already have the knowledge base to meet this need and I am proud to sponsor legislation to help them obtain conditional licenses that make New York possible will enable them to implement its cannabis program faster.”

Hinchey noted that New York State’s cannabis program aims to create an industry grounded in social justice and inclusion, and one that ensures local economic prosperity. “To achieve these goals and create a true circular economy, New York farmers need to start the cultivation process now so that when we open dispensaries, we can stock the shelves with quality New York products.”

The assembly is taking up an identical accompanying measure on Wednesday that could result in legislation being sent to the governor’s desk. Assembly Majority Leader Crystal Peoples-Stokes (D) sponsors the Chamber version of the Licensing Act.

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While regulators are finalizing licensing rules and no retailers are yet authorized to sell recreational marijuana, adults 21 and older can legally possess and publicly use cannabis, and give it away to other adults without compensation.

This article originally appeared on Benzinga and has been republished with permission.