However, with time still left to make a decision, municipalities in the database are only indicated to be opting in if they have made a statement indicating that is their plan of action. It is important to note that since the default position is that municipalities will permit dispensaries and consumption lounges, no action is required on their part unless they elect to opt out. The searchable database is a work in progress and will be continually updated over the next month as the December 31st deadline approaches and more municipalities make their final decision. The tracker is sortable by individual municipality, the decision to opt out of dispensaries, and the decision to opt out of on-site consumption. The result is our newly launched the Marijuana Opt-Out Tracker to track the status of the opt-out process as it is happening. The Rockefeller Institute has been monitoring the opt-out decision-making process of towns, villages, and cities across the state for the last few months, reviewing the meeting minutes of local governing boards, newspaper articles, legal notices for public hearings and passage of local laws, submissions of local laws to the Department of State, and reaching out to municipalities directly. Those municipalities that choose to not opt out can still use zoning and other reasonable time, place, and manner restrictions to regulate where dispensaries and/or consumption lounges are located. Under current law, once a municipality is in, they are in permanently. Municipalities that opt out before the end of the year can change their mind at any time and rejoin the marijuana retail market, but any town, city, or village that initially permits dispensaries and/or consumption lounges cannot change their mind after the deadline. These local laws are subject to permissive referendum, meaning that if the residents in a municipality disagree with the decision of their town, city, or village to opt out, they can gather signatures to trigger a special election to let the voters decide whether to override the opt-out. To opt out, a municipality needs to pass a local law before the end of the year that exerts their authority under MRTA to prohibit said cannabis establishments. Municipalities have until Decemto exert their option to opt out of either or both of these two marijuana retail businesses failure to act before this cutoff date automatically enters a municipality into the retail market, though does not guarantee a dispensary and/or consumption lounge will be located within their borders. When the Marijuana Regulation & Taxation Act (MRTA) legalized adult-use/recreational marijuana earlier this year, one of its provisions permitted towns, cities, and villages the opportunity to opt out of the state issuing licenses for marijuana dispensaries and/or on-site consumption lounges within their jurisdiction. The end of the year brings a looming deadline for municipalities in New York State. Industry analysts generally see a murky path forward for all of the cannabis reform bills on Capitol Hill, but but they feel that meaningful steps towards legalization are expected to continue to spark interest in cannabis stocks.Introducing the Marijuana Opt-Out Tracker We think that as more people come into the category, the new comers to the category, will over index in edibles and drinks."Īccording to a note Tuesday from Bank of America, Schumer's CAOA bill is expected to be introduced in the Senate by late April. "We are seeing that new consumers coming into the category like to enter the category through edibles and drinks. "We've always been really bullish on drinks," Klein said. According to data from Headset, drinkable cannabis currently makes up 1% of the U.S. Stifel analyst Andrew Carter has forecasted that higher margin drinkable cannabis would see accelerated growth in 2022. multistate presence," Klein told CNBC.Ĭonstellation Brands, the spirits and beer giant, owns a 36% stake in Canopy. It would also show we already have a good mature, growing U.S. "For us, it would allow us to bring businesses like Wana and Acreage into our and run it more like a consolidated enterprise, which would be super exciting for our investors. But they're dropped nearly 8% year to date, and they're down 74% in the past 12 months. cannabis edible brand Wana in a $298 million deal in October 2021.Ĭanopy shares have gained roughly 13% in the past month. Canopy bought MSO Acreage for $3.4 billion in 2019, it sells the Martha Stewart's CBD line in the U.S. Canopy Growth CEO David Klein said federal legalization would be transformative for the Canada-based company in the eyes of investors.
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