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Current as of January 01, 2021 | Updated by FindLaw Staff
1. There is hereby established in the joint custody of the state comptroller and the commissioner of taxation and finance a special fund to be known as the “medical marihuana trust fund.”
2. The medical marihuana trust fund shall consist of all moneys required to be deposited in the medical marihuana trust fund pursuant to the provisions of section four hundred ninety of the tax law.
3. The moneys in the medical marihuana trust fund shall be kept separate and shall not be commingled with any other moneys in the custody of the commissioner of taxation and finance and the state comptroller.
4. The moneys of the medical marihuana trust fund, following appropriation by the legislature, shall be allocated upon a certificate of approval of availability by the director of the budget as follows: (a) Twenty-two and five-tenths percent of the monies shall be transferred to the counties in New York state in which the medical marihuana was manufactured and allocated in proportion to the gross sales originating from medical marihuana manufactured in each such county; (b) twenty-two and five-tenths percent of the moneys shall be transferred to the counties in New York state in which the medical marihuana was dispensed and allocated in proportion to the gross sales occurring in each such county; (c) five percent of the monies shall be transferred to the office of alcoholism and substance abuse services, which shall use that revenue for additional drug abuse prevention, counseling and treatment services; and (d) five percent of the revenue received by the department shall be transferred to the division of criminal justice services, which shall use that revenue for a program of discretionary grants to state and local law enforcement agencies that demonstrate a need relating to title five-A of article thirty-three of the public health law; said grants could be used for personnel costs of state and local law enforcement agencies. For purposes of this subdivision, the city of New York shall be deemed to be a county.
Cite this article: FindLaw.com - New York Consolidated Laws, State Finance Law - STF § 89-h. Medical marihuana trust fund - last updated January 01, 2021 | https://codes.findlaw.com/ny/state-finance-law/stf-sect-89-h.html
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