Comments from BCP Green
- We track the most important long term trends in the cannabis space, and this is exciting news out of New York. For context, Andrew Cuomo has in the past couple years, butted heads with members of the NY State Assembly over the language and structure of a legalization bill. The Assembly has wanted more social equity provisions, and Cuomo has pushed for this to be business friendly at all costs.
- Likely due to recent events in the state house, the confrontation has thawed, and it appears they have reached a consensus on the structure of the program.
- We will stay on top of this, and if this passes we could see legalization start in NYS by the middle of next year.
- Its time to start looking at real estate and investment opportunities through out the state.
- NYS only have 4 medical dispensaries in the state (5mm people per store), so the growth in this state will be monumental, which isn’t surprising to hear from the Empire State!
New York lawmakers, governor agree on recreational cannabis legalization bill
New York is poised to legalize a nearly $2.5 billion-a-year recreational cannabis market after legislative leaders on Wednesday agreed on the program’s framework with Gov. Andrew Cuomo.
Retail sales could begin as soon as a year after the legislation is enacted.
The legalization bill is expected to be considered as soon as next week by the state Legislature, according to multiple media reports.
Cuomo would be expected to sign the bill once it passes.
Marijuana Business Daily projects that a recreational marijuana market in New York eventually would become the largest on the East Coast, generating $2.3 billion in annual sales by its fourth year.
New York would become the 17th state in the country to legalize adult use, unless another state enacts legislation first.
Legalization would create tens of thousands of new jobs in New York, which faces a multibillion-dollar budget deficit.
The measure would provide huge business opportunities for cultivation- and processing-equipment makers, packaging companies, attorneys and other ancillary services.
“It is my understanding that the three-way agreement has been reached and that bill drafting is in the process of finishing a bill that we all have said we support,” state Senate Finance Committee Chair Liz Krueger told Bloomberg Government on Wednesday.
Cuomo has been pushing to legalize recreational marijuana for a couple of years, but the pressure to do so heightened when voters in neighboring New Jersey approved adult-use legalization at the Nov. 3 ballot box… READ MORE