Hemp, Inc. Reports

Governor Cuomo and Legislative Leaders Announce Agreement to Legalize Adult-Use Cannabis in New York

Las Vegas, NV, April 07, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Hemp, Inc. (OTC PINK: HEMP), a global leader in the industrial hemp industry with bi-coastal processing centers, is pleased to report that, after years of stalled attempts, New York State has legalized the use of recreational marijuana, enacting a strongly formed program that will reinvest millions of dollars of tax revenues from cannabis in minority communities damaged by the decades-long war on drugs.

New York became the 15th state to legalize the recreational use of cannabis, positioning itself to quickly become one of the largest markets of legal cannabis in the nation. This is a huge success in the hemp industry. Hemp Inc. supports the state’s legalization of industrial hemp, which can help grow the hemp marketplace where hemp products can be bought and sold.

Legislation (S.854-A/A.1248-A) would establish the Office of Cannabis Management to implement a detailed regulatory framework that would cover medical, adult-use and cannabinoid hemp. The bill would also expand New York State's existing medical marijuana and cannabinoid hemp programs. The legislation provides licensing for marijuana producers, distributors, retailers and other actors in the cannabis market, and creates a social and economic equity program to assist individuals disproportionately impacted by cannabis enforcement that want to participate in the industry.

The development of an adult-use cannabis industry in New York State under this legislation has the potential to create significant economic opportunities for New Yorkers and the state, including Hemp Producers nationwide. Tax collection is projected to reach $350 million annually and has the potential to create 30,000 to 60,000 new jobs in the state.

The New York State Cannabis/Marijuana Regulation & Taxation Act contains the provisions to establish the Office of Cannabis Management who would be charged with enforcing a framework governing medical, adult-use cannabinoid hemp. It would be governed by a five-member board, with three members appointed by the governor and one appointment by each house. OCM would be an independent office operating as part of the New York State Liquor Authority.

The Cannabis/Marijuana Regulation & Taxation Act will also contain the provisions in Medical Cannabis, Adult-Use Cannabis, Cannabinoid Hemp, Adult-Use Cannabis Tax Revenue, Municipal Opt-Out, Traffic Safety, Personal Possession and Home Cultivation, Criminal Justice and Record Expungement. This is a huge success for New York and will pave the way for Hemp Inc. to establish a foothold in other markets and territories.