New York State leaders failed to reach a consensus on crucial details in a plan to legalize recreational marijuana. Now with NY Governor Andrew Cuomo and other Democrat, big wigs on board the legalization of recreational pot may be signed into law in just a few months.
By James DiGeorgia
New York Governor Andrew Cuomo this past Wednesday announced that cannabis legalization as one of his 2020 priorities. His proposal to legalize adult-use includes forming an Office of Cannabis Management to regulate medical, adult-use, and hemp programs; ensuring that social equity and social justice needs are met; working in concert with neighboring states; and creating a cannabis and hemp research center at the State University of New York.
If pot is made legal in New York State, it would become the 12th state to legalize cannabis for recreational use, and it would follow on the heels of Illinois in being the second state to legalize via a legislative measure.
Morgan Fox, of the National Cannabis Industry Association, the trade association representing and lobbying on behalf of US cannabis businesses during a press interview that while New York wouldn't be the first to the table, its emergence as a state that legalizes the sale of cannabis could be historically significant…
"It'll really be a gigantic market," he told CNN Business, noting New York's population base, an immense tourist draw and financial hub…. [New York legalizing would] have ripples in global policy when it comes to cannabis."
Initial projections from research and analytics firms including BDS Analytics and Arcview Market Research are predicting New York State recreational marijuana market could generate $1.6 billion sales by 2024, putting it behind the projected sales in the same year for California ($7.2 billion), Colorado ($2 billion), and Florida ($1.9 billion in medical cannabis).
Bethany Gomez, managing director for the Brightfield Group, a cannabis and CBD market research firm, pointed out during a CNN interview…
"People always like to talk about tipping the scales and what's going to be the straw that breaks the camel's back," she said. "Cannabis liberalization is incremental in nature. It always has been incremental in nature. It's always going to be incremental in nature."
“What experts expect to see is continued state adoption or expansion of programs and possible legislative moves to allow banks to more easily serve the industry or to codify the existing states' legal programs?”