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.
Marijuana Business Daily, 03/24/2021 17:30:00