New York

Compassionate Care Act Offers Slight Move Forward

New York is moving forward with the Compassionate Care Act, a rather meek piece of medical marijuana legislation that severely limits the ways in which patients can use marijuana (no smoking), and severely limits the kind of patients that can use the drug.

The bill is expected to pass the New York legislatures and move to signing by Cuomo by week's end. 

More information on the bill:

New York State Reaches Deal On Medical Marijuana, But There's A Huge Catch

Families React to the Compassionate Care Act, Medical Marijuana

New York Legislature Rewrites Marijuana Proposal

Newly revised legislation may pave the way for medical marijuana in New York, however, the law is arguably the most restrictive medical marijuana law to date. The bill, in its full form, available here, provides a detailed list of 20 ailments for which medical marijuana may be used. This is, of course, on top of the already stringent requirements laid forth by Gov. Cuomo regarding where dispensaries may be located.

When facing stern opposition to the bill, medical marijuana supporters "have revised the legislation to place tighter restrictions on how the drug can be used and who gets to use it." h/t NY Daily News

Over at The AwlJohn Herrman makes clear the sad state of affairs:

The entire bill, as written now, seems to position medical marijuana less as an option than as a prescription of last resort—a little green panic button hidden behind a locked panel of swirly hand-blown glass. The section of the bill in which it justifies itself is borderline apologetic: "Although for many patients other drugs may be more effective than marihuana, the Institute of Medicine noted that 'there will likely always be a subpopulation of patients who do not respond well to other medications,' Medical marihuana must be available to those patients." To get to the Governor's desk, the stricter Senate bill would have to be reconciled with the looser Assembly version, and this is a case where caution will likely prevail.

New York State Legislature Debates Legalization

Debate on legalizing marijuana took place this morning in the New York state legislature. More details below, via an article on amNew York:

"A new bill in the state legislature to legalize marijuana will be debated on Tuesday morning.

In December, State Sen. Liz Krueger, whose district includes the Upper East Side and the Flatiron, introduced a bill that would make toking legal. While Krueger jokes that she hasn’t sampled the green stuff in years, she said her intention is not to encourage smoking. Rather, by regulating marijuana, Krueger said she hopes fewer kids will light up.

“We believe that the research shows that marijuana is not more dangerous than alcohol,” she said. “Regulating and taxing it would actually make it harder to get for young people than it is now.”"

Times Square Ad For New York Marijuana Legalization

Michael Walsh over at the Daily News reports on a new ad popping up in Times Square, by a company called Weedmaps.

The ad pushes for marijuana legalization in New York:

About 20 medical marijuana facilities would have served patients at hospitals in New York during 2014 if the Compassionate Care Act made the NY State budget, according to Weedmaps. Even if this were the case, countless others in New York will need to rely on the black market.

"Our company strongly believes that marijuana prohibition ruins the lives of countless New Yorkers every year," Houston told The News.

 

Investment Group Promotes Marijuana Business in Front of New York Assembly Health Committee

Investment group speaks in front of New York Assembly Health Committee in Albany to promote marijuana-based business. A company called Articulated Investors, with 2 principals with finance and real estate backgrounds, has real estate positions in Colorado, and an interest in expanding their network into other states.  h/t Main St

This is a positive development, even if it is an isolated case. Marijuana businesses would be a boon for New York, and New York investors, and any push by the finance (and real estate) community on marijuana legislation is important, necessary, and will resonate.

 

New York Comptroller John Liu Report on Fiscal Upside to Legalization

Nice piece over at the Village Voice Blog by Tessa Stuart, in which Ms. Stuart writes that in light of the recent positive polling, it may be time to "unearth that report commissioned by former Comptroller John Liu back in August: "Regulating and Taxing Marijuana: the Fiscal Impact on New York."

Among the reasons is the following: "Liu's office estimated that allowing medical marijuana and legalizing personal possession of up to one ounce of marijuana could raise $431 million dollars total for New York City -- $400 million in excise and sales taxes and an additional $31 million saved in law enforcement and court costs." A link to Liu's report is on the 2nd page after the jump. h/t Village Voice and Ms. Tessa Stuart

New York Medical Marijuana Supported by Large Margin

Diving a bit deeper into new polling released on Monday:

"State voters favor legalizing medical marijuana by a huge margin - 88% to 9%, according to a Quinnipiac poll." h/t Daily News

Huge margin indeed. It would be interesting to see the response if polling outfits asked individuals whether they'd favor Cuomo's limited-scope proposal versus either Colorado or California's more expansive and business-friendly medical marijuana initiatives.