ELMIRA, N.Y. (WETM) – New York State currently charges a seven percent tax on medical marijuana products, but there is a new bill looking to repeal the medical cannabis excise tax.
Advocates of the bill say the legislation will not only help when it comes to enrollment for the medical cannabis program, but it will also help thousands of New Yorkers afford the treatment.
“They can’t use their insurance to pay for this…we need to remove this financial burden for some of our most vulnerable New Yorkers,” Democratic Sen. Jeremy Cooney of Rochester said.
Last year, the tax generated a total of almost thirteen million dollars.
Assembly Majority Leader Crystal Peoples-Stokes is backing the bill, stating the current tax structure undermines the growing businesses in the cannabis industry.
“I don’t think we should be charging more taxes for THC potency,” Peoples-Stokes said. “What I think that would do is move more people to the elicit market.”