A marijuana bill in New York offers social relief, but misses on legalization revenue goals.

The cannabis market saw a win on Monday (July 29) as New York Governor Andrew Cuomo (D) signed a bill decriminalizing marijuana use and possession. This new law also creates a system for convictions related to cannabis to be expunged.


In a tweet, Cuomo said the bill will offer relief to minority communities that have been impacted by marijuana laws.

The bill is set to come into effect 30 days after becoming law in the state.

However, the bill fails to introduce tax revenue sharing for cannabis sales as part of a larger legalization process for the state. NBC New York reported that state lawmakers hope a vote on legalization will be on the horizon, with the option to open the market in 2019.

“It’s not legalization,” Cuomo said, according to NBC New York. “But it is decriminalization and it’s a major, major accomplishment.”

According to a report from Marijuana Moment, the full legalization bill was stalled in New York due to a disagreement in sales revenue tax allocation and the option for singular communities to opt out from letting marijuana businesses operate.

In January, Cuomo projected that tax revenue from recreational marijuana sales could result in US$300 million for the first three years.

Two Canada-based marijuana exchange-traded funds focused on the US cannabis market saw a marginal market reaction from the announcement on Monday.

The Evolve US Marijuana ETF (NEO:USMJ) closed at a price of C$15.57, representing a drop in value of 0.7 percent, while its counterpart, the Horizons US Marijuana Index ETF (NEO:HMUS), finished the trading day up 0.15 percent up for a price of C$6.83.

Don’t forget to follow us @INN_Cannabis for real-time news updates!

Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.

MustGrow Biologics Corp. (CSE: MGRO) (OTCQB: MGROF) (FSE: 0C0) (the “Company”, “MustGrow”) is pleased to announce its upcoming investor awareness initiatives. MustGrow continues to actively engage its key stakeholders – potential industry partners, shareholders and prospective investors – by increasing awareness of its remarkable natural mustard-derived crop protection products.

TODAY: The Future of Food Investment Conference – SnowCap Ventures
Tuesday, Nov. 24th at 1:50 pm ET
Investors Register Here

Keep reading... Show less

Better Plant Sciences Inc. (CSE: PLNT) (OTCQB: VEGGF) (FSE: YG3) (“Better Plant”) or (the “Company”) is pleased to announce the launch of a customer rewards program called “Insider Rewards” for its Urban Juve skin care line.

Cannot view this image? Visit: https://orders.newsfilecorp.com/files/6377/68816_d5e319fef42e2b1a_001.jpg

Keep reading... Show less

Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Aurora Cannabis Inc. (NYSE: ACB) between February 13, 2020 and September 4, 2020, inclusive (the “Class Period”), of the important December 1, 2020 lead plaintiff deadline in the securities class action. The lawsuit seeks to recover damages for Aurora investors under the federal securities laws.

To join the Aurora class action, go to http://www.rosenlegal.com/cases-register-1965.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.

Keep reading... Show less

Trading resumes in:

Company: 4Front Ventures Corp.

Keep reading... Show less

/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES /

  4Front Ventures Corp. (CSE: FFNT) (OTCQX: FFNTF) (” 4Front ” or the ” Company “) is pleased to announce that it has completed its previously announced bought deal prospectus offering (the ” Offering “) of units of the Company (” Units “), for aggregate gross proceeds of C$17,251,150 including full exercise of the over-allotment option granted to the underwriters in connection therewith.

Keep reading... Show less