Post date: 7/5/2019

A bill that would legalize the sale of marijuana for recreational uses in New York has failed, despite backing from the state’s governor.

Marijuana legalization has been a top priority of New York Governor Andrew Cuomo, who earlier this year tried to include legalization as part of his budget plan. Gov. Cuomo dropped that plan in March, instead urging state lawmakers to take up the issue through specific legislation. The ensuing legislation, the Marijuana Regulation and Taxation Act, failed to gain sufficient support in the state legislature, however, after anti-legalization advocates pushed back hard.

“It is clear now that [the legislation] is not going to pass this session,” State Senator Liz Krueger, conceded in a June 19 statement. “This is not the end of the road; it is only a delay.” Krueger said she had worked with her colleagues in the state legislature to address concerns and bring more lawmakers on board. “We came very close to crossing the finish line, but we ran out of time,” Krueger said. “I have no doubt that prohibition is an outdated and irrational policy, and its days are numbered.”

Cannabis banking solutions providers are hopeful as well. Solution providers like Paybotic. Our point of banking solution allows state-authorized marijuana dispensaries and business selling other state-sanctioned cannabis products, like CBD, to accept card payments from customers. But there remains a pressing need for federal action legalizing cannabis and related products which will pave the way for sophisticated banking and point-of-sale solutions that can be used cannabis businesses in all 50 states.

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