NYC’s Cannabis Legislation Should Stand as an Example for the Future of Europe’s Industry

By Adrian Clarke, Chief Commercial Officer at Tenacious Labs (See original BusinessCann article here)

Earlier this year, the governor Andrew Cuomo legalised adult use cannabis, charging New York cannabis control board and office of cannabis management with regulating and taxing the industry.

The aptly named Marijuana Regulation and Taxation Act (MRTA) has created a comprehensive structure for regulation to oversee all departments of the cannabis industry, from licensing, cultivation and production to distribution, sale and taxation of recreational cannabis within the state.

Most notably, this new law outlines the distribution of tax revenues raised by the cannabis industry back into the community, being divvied up between education, drug treatment, and community grant funds. In doing so, New York has created a safe environment for businesses, whilst also establishing a framework that supports citizens and communities.

This paints a fantastic blueprint for what the wider cannabis industry could look like within other national markets, the UK standing as prime example of a fledging CBD industry that could reap massive benefits both economically and socially if it where to reassess its cannabis and hemp legislation.