New York Lawmakers Pitch Ending Potency Tax on Cannabis Products

Two New York Democrats on Monday rolled out a bicameral proposal to change how adult-use cannabis is taxed in the state, citing a disproportionate burden on small business and social equity applicants.

The companion bills A4619/S4831 introduced by Assembly Majority Leader Crystal Peoples-Stokes (D) and Sen. Jeremy Cooney (D) would eliminate the current potency tax, based on the amount of the tetrahydrocannabinol (THC) in a product, and increase the present excise tax. The lawmakers said there’s a large amount of data from other cannabis-legal states that suggests lower overall tax rates and a simpler tax structure would help ...