N.Y. State Finance Law § 89-h: Medical cannabis trust fund

* § 89-h. Medical cannabis trust fund. 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 cannabis

trust fund."

2. The medical cannabis trust fund shall consist of all moneys

required to be deposited in the medical cannabis trust fund pursuant to

the provisions of section four hundred ninety of the tax law.

3. The moneys in the medical cannabis 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 cannabis 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) fifty percent of the monies shall be transferred to the counties in

New York state in which the medical cannabis was manufactured and

allocated in proportion to the gross sales originating from medical

cannabis manufactured in each such county; and (b) fifty percent of the

moneys shall be transferred to the counties in New York state in which

the medical cannabis was dispensed and allocated in proportion to the

gross sales occurring in each such county. For purposes of this

subdivision, the city of New York shall be deemed to be a county.

* NB Repealed July 5, 2028