§ 89-H — Medical cannabis trust fund

New York § 89-H

• Jurisdiction: New York
• Law STF: State Finance
• Art. 6: Funds of the State

Text

* § 89-h. Medical cannabis trust fund. 1. There is hereby established\nin the joint custody of the state comptroller and the commissioner of\ntaxation and finance a special fund to be known as the "medical cannabis\ntrust fund."\n 2. The medical cannabis trust fund shall consist of all moneys\nrequired to be deposited in the medical cannabis trust fund pursuant to\nthe provisions of section four hundred ninety of the tax law.\n 3. The moneys in the medical cannabis trust fund shall be kept\nseparate and shall not be commingled with any other moneys in the\ncustody of the commissioner of taxation and finance and the state\ncomptroller.\n 4. The moneys of the medical cannabis trust fund, following\nappropriation by the legislature, shall be allocated upon a certificate\nof approval of availability by the director of the budget as follows:\n(a) fifty percent of the monies shall be transferred to the counties in\nNew York state in which the medical cannabis was manufactured and\nallocated in proportion to the gross sales originating from medical\ncannabis manufactured in each such county; and (b) fifty percent of the\nmoneys shall be transferred to the counties in New York state in which\nthe medical cannabis was dispensed and allocated in proportion to the\ngross sales occurring in each such county. For purposes of this\nsubdivision, the city of New York shall be deemed to be a county.\n * NB Repealed July 5, 2028\n