The Governor of New York has publicly promised that cannabis will be legalized after the legalization process of it last year was nothing more than just an attempt. On Wednesday, the Governor released a statement that highlighted the fact that adult-use cannabis legalization is among his top priorities for 2020. The new proposal for cannabis legalization is to form an office to handle the regulation of medical cannabis, adult-use cannabis, and hemp. The Office of Cannabis Management will regulate these separate branches and also work to follow through on social equity programs and that the outlined social justice parameters are met. It will work with neighboring states and create a research center at the State University of New York that is dedicated specifically to cannabis and hemp.
New York could become the 12th state to legalize recreational cannabis and the second state to legalize cannabis through legislation instead of a majority vote ballot initiative. Illinois made cannabis legalization history in 2018 as it became the first state to legalize cannabis with passed legislation.
Andrew Cuomo, Governor of New York, stated: “It’ll really be a gigantic market noting New York’s population base, immense tourist draw and financial hub. “[New York legalizing would] have ripples in global policy when it comes to cannabis.”
The analytic research firms BDS Analytics and Arcview market Research both have a sales estimate for New York at $1.6 billion in the year 2024. However, Brightfield Group, reported that the New York market could reach $2.2 billion in 2023 if it were to legalize cannabis by 2021.
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