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1. Consumption: In New York State, those aged 21 and over are permitted to purchase and own 3 ounces of cannabis flower and up to 24 grams of concentrated cannabis (that includes oils, edibles, and vapes, among other things). But you can’t use it just anywhere. It may be consumed in state-licensed on-site consumption sites or in private residences only. Smoking or vaping cannabis is covered under the same laws and rules that apply to smoking or vaping tobacco.
 
Landlords can ban the use of cannabis on their properties but they cannot refuse to rent their property to a tenant who uses cannabis. It’s illegal to cross state lines or leave the country with cannabis, regardless of the legality of the products themselves. Cannabis is also still illegal under federal law, so it is illegal to use on federal land, which includes national parks and forests.
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2. Driving: Driving under the influence of cannabis is illegal and punishable with a DUI.
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3. Taxes: Cannabis has three taxes imposed on it by the MRTA (that’s the Marijuana Regulation and Taxation Act). These taxes are only for recreational cannabis and do not apply to medical cannabis. Distributors are taxed based on the amount of THC in the product, and there are two taxes on the retail sale to the consumer: a 9% State excise tax and a 4% local excise tax.
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4. Getting a License to Sell Cannabis: Not just anyone can obtain a license to sell cannabis products. In New York State, the Office of Cannabis Management is responsible for issuing licenses to businesses for participation in the adult-use, medical, and cannabinoid hemp trades. As of publication, there are 11 different types of licenses one can obtain. More information on the different types of licenses can be found here.
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5. Growing Marijuana at Home: It is legal for residents of New York 21 years of age and older to grow up to six marijuana plants (3 mature and 3 immature) in their home for personal use. There is a legal maximum of 12 plants per household (6 mature and 6 immature) regardless of the number of adults aged 21 or over residing in the household. The plants must be stored in a secure location away from anyone under the age of 21 and may not be sold to anyone. They are intended exclusively for personal use.
 
Visit the New York State Office of Cannabis Management’s for updates and more detailed information on the legalized cannabis industry.

Did you know LIM has launched a Bachelor of Business Administration (BBA) degree and a Master of Professional Studies (MPS) degree in The Business of Cannabis?