According to a recent budget analysis by New York’s comptroller, projections show that the state will be raking in more than $240 million in annual cannabis revenue in the near future. For the first year of marijuana sales, New York is expected to bring in only $20 million in fee and tax collections. This is part of a $26.7 billion evaluation in new revenues that the state is expected to bring in for its 2021/2022 fiscal year, under a budget that the state legislature approved in April.

The analysis notes that the new revenue sources with the most substantial fiscal impacts are the corporate and personal income tax increases, despite increased receipts occurring from the legalization of sports betting and cannabis. It adds that while the former revenue sources are only short-term, marijuana represents a long-term revenue opportunity.

The report by Thomas DiNapoli, the state’s comptroller, also highlights that the cannabis tax revenue is projected to grow from the $20 million in tax revenue generated for the 2021–2022 fiscal year to over $110 million for the 2022–2023 fiscal year, just over $150 million for the 2023/2024 fiscal year and more than $240 million for the 2024–2025 fiscal year.

The analysis states that the continuous economic recovery of the state has improved predictions, with tax collections outdoing expectations. It adds that New York will benefit from online sports betting, the legalization of recreational cannabis, and new revenues from increases in tax and federal aid, which brings the total down to about $26.7 billion for the state’s 2021–2022 fiscal year.

New York Gov. Andrew Cuomo had, in March, signed a bill to legalize adult-use marijuana. As stipulated in the bill, retail shops will be launched after the first retail recreational sales begin. In addition, once home cultivation becomes legal, the bill notes that people could store up to five pounds of cannabis at home.

The bill also stipulated that the taxes collected from cannabis sales would be used to cover the program’s implementation costs as well as be utilized for public education and drug treatment to back community reinvestments and be diverted to schools via the state lottery fund.

The final law that was signed was a product of the negotiations between the state’s legislature and the governor. As early as January, the governor’s office had stated that the legalization of marijuana in the state would create more than 60,000 new employment opportunities, which would stimulate more than $3 billion in economic activity while bringing in about $300 million in tax revenue when the program had been fully implemented.

As New York and other states implement recreational marijuana programs, it will not be long before companies such as Hero Technologies Inc. (OTC: HENC), which favor the model of multi-state operators, come up to serve different markets across state borders.

NOTE TO INVESTORS: The latest news and updates relating to Hero Technologies Inc. (OTC: HENC) are available in the company’s newsroom at https://cnw.fm/HENC

About CNW420

CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

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Montana is one step closer to allowing recreational marijuana after the State Senate approved a bill that would legalize adult-use cannabis. The legislation first began its journey as MT Initiative 1-190, and it was approved by voters in the 2020 ballot alongside MT Initiative 118, which set the legal age for marijuana consumption at 21. Initiative 190 would create a legal framework for the production and sale of marijuana products to adults in the state.

Now that the bill passed its third reading in the State Senate, it will go through one more Senate reading before heading back to the House to approve a series of amendments the Senate has made. If the recreational cannabis legislation makes it through the House with the Senate amendments, it will then be sent to Governor Greg Gianforte for his signature.

When the initiative was first approved by voters, NORML Executive Director Erik Altieri said that Montanans’ support for recreational cannabis showed that cannabis reform extended beyond geographic and demographic lines. It is an issue that has the support of most Americans regardless of their political affiliations, he said, and voters had now decided that it was time to end criminalizing marijuana criminalization.

The lawmakers behind the Senate version of the bill are of the same opinion, putting aside their personal beliefs to work on a bill state residents had clearly said they wanted. Senator Jason Ellsworth said the group wanted to create the best cannabis bill for the state, and they dedicated a lot of time and effort towards fulfilling this responsibility. Democratic Senator Tom Jacobson believes the same, saying that legislators are obligated to represent their constituents, and since their constituents voted to legalize recreational cannabis, group members set aside their ideologies and tried to find a workable solution.

The language in the comprehensive Senate bill isn’t exactly similar to Initiative 190. Thanks to an amendment that was introduced and approved by the Senate Select Committee on Marijuana, millions of cannabis tax dollars will be used to help fund several public programs, including environmental groups and veterans’ care funds. The legislation will also provide funding for health care, substance misuse treatment and local governments with the rest of the tax going to the state’s general fund.

According to Senator Shane Moriegeau, lawmakers have crafted a bill that he was more than proud to vote for. The recreational cannabis legislation passed the second Senate reading with a 25–15 vote before being approved in the third reading.

Once a mechanism to regulate the recreational marijuana market is finalized, Montana is likely to see lots of companies joining the sector and bringing many of the benefits that jurisdictions where established companies such Hero Technologies Inc. (OTC: HENC) operate from.

NOTE TO INVESTORS: The latest news and updates relating to Hero Technologies Inc. (OTC: HENC) are available in the company’s newsroom at https://cnw.fm/HENC

About CNW420

CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

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With legislation to legalize cannabis in the state of Connecticut advancing through the legislature, a survey recently found out that cannabis reform has strong support among state residents. The survey was conducted March 23–31, 2021,  and involved 1,000 Connecticut residents.

The poll, which was released earlier this week by Sacred Heart University, revealed that nearly 66% of residents in the state supported the legalization of marijuana for adult use, with only 27% opposing reform.

If the policy change is approved, 62% of the respondents stated that those who had been convicted of cannabis possession and other related charges prior to the policy’s enactment should have their records expunged.

In comparison with those who identify as Republicans or individuals aged 65 or older, individuals who identify as Democrats as well as younger individuals were also found to be more likely to be in favor of ending prohibition.

The survey also asked respondents about the perceived harms of marijuana, with 77% of those who responded admitting that they felt marijuana had comparable or fewer adverse effects as compared to alcohol. Nearly 72% of the respondents admitted to feeling the same way about marijuana and other drugs such as prescription painkillers, amphetamines and heroin.

The poll results are similar to a previous survey conducted by the university in February.

The survey also revealed that while almost half of the residents in the state supported the change in policy, residents were also concerned about the possible negative safety implications of marijuana legalization. This is in addition to discovering that two in five respondents were of the opinion that cannabis was a gateway drug.

In other news, Connecticut Gov. Ned Lamont’s marijuana legalization measure was recently approved by the Judiciary Committee. Additionally, the Labor and Public Employees Committee approved a competing measure sponsored by Rep. Robyn Porter earlier in March.

The governor’s measure had included a few amendments, among them was the provision for the erasure of prior cannabis convictions for the sale or possession of up to six mature cannabis plants or up to four ounces of marijuana. This policy has been supported by a majority of residents in the state.

Gov. Lamont has described his legalization measure as an extensive framework for the growing, manufacture, use, possession, sale and taxation of marijuana, adding that his plan also prioritizes social justice, public safety and public health.

Should efforts to approve the measure fail, the matter will be decided on by voters through the state’s 2022 ballot.

While the debate on cannabis legalization is just beginning to gather steam in Connecticut, many other states have already legalized the substance, and several companies, such as Hero Technologies Inc. (OTC: HENC), are now setting the stage to become multistate operators (“MSOs”) in order to benefit from the different regulated marijuana markets across the country.

NOTE TO INVESTORS: The latest news and updates relating to Hero Technologies Inc. (OTC: HENC) are available in the company’s newsroom at https://cnw.fm/HENC

About CNW420

CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

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Hero Technologies (OTC: HENC), a cannabis company focused on a vertically integrated strategy, today announced its receipt of an independent third-party valuation and purchase price allocation for its acquisition of the assets of V Broker LLC dba Veteran Hemp Co. Colorado-based Veteran Hemp Co., founded by U.S. military veterans, is an online retailer and wholesaler of hemp and cannabinoid products. Hero Technologies acquired Veteran Hemp Co. in November 2020, and the acquired assets are valued at $169,711. “We are pleased that an independent review has confirmed the fair value of our Veteran Hemp Co. asset acquisition,” said Hero Technologies’ CEO Gina Serkasevich. “As we continue to develop and execute our integrated ‘seed to sale’ market strategy for cannabis products, we strive to make wise investment decisions. Our carefully considered purchase of Veteran Hemp Co. benefits our balance sheet, our market reach — both retail and wholesale — and our shareholders.”

To view the full press release, visit https://cnw.fm/UBSZj

About Hero Technologies Inc.

Hero Technologies is a cannabis company working toward a vertically integrated business model. The company owns a majority stake in BlackBox Systems and Technologies LLC, an aeroponic cannabis cultivation system that provides optimal growing conditions to enhance photosynthesis and cultivation of large flowering plants, creating increased harvest efficiencies. Hero Technologies’ strategic business plan includes cannabis genetic engineering, farmland for both medical and recreational cannabis cultivation, production licenses, distribution licenses, consumer packaging, and retail and dispensary operations that make the company a multi-state operator (“MSO”). For more information about the company, visit www.HeroTechnologiesinc.com.

NOTE TO INVESTORS: The latest news and updates relating to HENC are available in the company’s newsroom at https://cnw.fm/HENC

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HempWire (HW) is a dedicated information provider focused on (1) aggregating hemp-related news, (2) issuing HempNewsBreaks designed to update investors on the latest developments in the hemp market, (3) enhancing corporate news releases, (4) providing full-service distribution and social media offerings to public and private client-partners and (5) designing and implementing all-inclusive corporate communication solutions. HW is strategically positioned within the rapidly expanding hemp sector with a team of journalists working to help a growing roster of public and private companies reach a wide audience of investors, consumers and members of the media. We leverage a vast network of more than 5,000 key syndication outlets to deliver unparalleled visibility, recognition and content to the hemp industry. HempWire (HW) is where HEMP news, content and information converge.

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