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NY legalizes marijuana use; taxes, regs in the works

Marijuana-cannabis-money_GreenerCulture

New York last week became the latest state to legalize recreational marijuana. New Yorkers now can possess up to 3 ounces of cannabis for recreational use.

But don't expect to pick up some of that legal weed any time soon. While using marijuana is legal for adults age 21 or older, the process of approving dispensaries and establishing precise regulations and tax rules for cannabis distribution will take a while.

17 cannabis OK locales: Still, the Empire State's move is a big one. New York is the 17th jurisdiction to join the legal cannabis club. The toking fraternity includes 16 states and the District of Columbia.

Eleven more states are working on legalizing marijuana within their borders.

So today's Saturday Shout Outs go to two Big Apple news outlets covering the city's latest cultural change.

The New York Post looks at 8 things that New Yorkers can expect now that weed is legal.

The New York Times elaborates on what to know now that New York has legalized marijuana.

Both articles, of course, mention New York's upcoming marijuana taxes, at least in passing.

Comparing cannabis tax rules: For more on cannabis taxation, which often is a major (albeit often iffy) argument for legalizing the herb, a third Saturday Shout Out today goes to the Tax Foundation.

"The unique legal framework under which marijuana use and sales operate — that of differing state and federal legality — means that every state market is essentially a siloed market," writes Ulrik Boesen, Senior Policy Analyst, Excise Taxes, for the Washington, D.C.-based tax policy think tank.

"Marijuana products cannot cross state borders, so the entire process (seed to smoke, so to speak) must occur within state borders. This unusual situation, along with the novelty of legalization, has resulted in a wide variety of tax designs," note Boesen.

And as a bonus, the Tax Foundation's analysis of states' marijuana taxes features one of its always informative maps, reproduced below.

State-recreational-marijuana-taxes-2021_Tax-Foundation

Since I likely will be well into my dotage before Texas gets around to legalizing weed, my relaxation aid of choice this weekend (and beyond) will remain beer, which is a whole other type of taxation.

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