Federal action on marijuana could slash tax bills for New York cannabis businesses, according to Spectrum News. State regulators say moving cannabis from Schedule I to Schedule III may cut federal taxes by up to 75%, freeing up cash for growth and investment.
Officials argue the change could strengthen New York’s legal market against illegal sales. The Office of Cannabis Management also introduced its new acting leader as the state prepares for major policy shifts.
Some growers and small operators worry the move could invite big players to dominate the market. Others say rising costs, lawsuits over the state’s tracking system, and recent vetoes still threaten struggling licensees.
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