New York Governor Andrew Cuomo announced plans to step down as of August 24. Mr. Cuomo will be replaced by Kathy Hochul, the Lt. Governor of New York. We believe this transition likely puts the New York rollout of recreational cannabis back on track and may even accelerate the timeline of initial sales from the original summer 2H/22 targets. Prior to Governor Cuomo news, many industry participants were beginning to believe a 2023 start was most likely. Despite passing legislation in March, Mr. Cuomo has always been a reluctant supporter of cannabis legislation and in recent months, the timing of a rollout became uncertain as he and other state leaders politicized the issue leveraging cannabis to get other topics prioritized. Most recently, the Governor and Senate leaders have jockeyed over who will be appointed to lead the Office of Cannabis Management and the Cannabis Control Board. Both sides supposedly are looking to win favor for other issues with appointees. Meanwhile, the two-state offices are integral in setting legislation and giving operators sufficient transparency to fund the build-out of assets and future capacity.
420 Intel – Marijuana Industry News, 08/10/2021 20:00:00