S7295A

The New York State Senate passed legislation Tuesday to address a crisis in the state's nascent cannabis market, approving a one-time state purchase of cannabis inventory from hemp farmers unable to sell their crops. Senate Print 7295A, sponsored by Sen. Hinchey, passed 53-8 on a roll call vote. The bill responds to a market failure where farmers given conditional cultivator licenses under the Marijuana Regulation and Taxation Act invested hundreds of thousands of dollars in crops they cannot sell due to the absence of retail stores and a functioning legal market. "We promised them," Sen. Hinchey said, noting farmers were given the licenses as a lifeline after hemp legalization failed to deliver the promised economic boom. The measure allows the state to purchase existing inventory, helping farmers recover losses and prepare for future seasons as retail infrastructure develops. Sen. Borrello, while supporting the bill, criticized the Office of Cannabis Management for what he called an "abject failure" and "embarrassment" to New York, calling on the Governor to remove ineffective leadership. Eight senators voted against the measure: Canzoneri-Fitzpatrick, Lanza, Martinez, Martins, Mattera, Murray, Rhoads, and Weik.