As New York’s regulatory wheels start turning ahead of the expected 2023 launch of the state’s legal cannabis industry, multistate cannabis operators and companies with deep interests in real estate are registering to lobby on cannabis. Details of Gov. Kathy Hochul’s budget plan released on Tuesday show that the state estimates cannabis tax revenue will total about $1.25 billion over the next six years, reaching just over $360 million in cannabis tax revenue by fiscal year 2028. The budget also allocates $46 million to the Office of Cannabis Management, which will oversee the industry’s launch. TerrAscend, which has vertically integrated businesses in California, Pennsylvania, and just across the river in New Jersey, has registered to lobby on cannabis in New York, as did Kiva Brands, a major edibles company that got its start in California. Gotham Green Partners, which includes MedMen, iAnthus, Flow Kana, and 4Front in its portfolio, registered to lobby on “cannabis regulatory issues in NYS.” iAnthus minority shareholders (and Charles DeStefano as a minority shareholder) also registered to lobby. Real estate has already become an active conversation, especially considering New York’s law allows for onsite consumption spaces.
Alyson Martin, Cannabis Wire, 01/17/2022 19:00:00