Governor Kathy Hochul of New York has signed a legislation providing tax relief to cannabis businesses in the state. The measure allows marijuana companies to claim tax deductions that were previously unavailable under federal law.
The signed bill, S7508, was drafted to allow cannabis companies engaged in the sale, distribution, or production of cannabis products to deduct business expenses for taxes. This change will benefit both adult-use cannabis and medical cannabis businesses in New York, including public companies like Cannabist Company Holdings, Curaleaf Holdings, MedMen Enterprises, and Acreage Holdings, as well as private companies like PharmaCann and Leaflink.
New York City Mayor Eric Adams has expressed support for the tax relief measure, as it will benefit cannabis businesses in the city.
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