New York could become a role model for marijuana legalization

Written by on 14 August, 2021

Senator and sponsor of the law allowing recreational marijuana use in New York, Liz Krueger, will present the New York state’s cannabis legalization model at the Business of Cannabis summit on Sept. 29.

According to Krueger, “New York is poised to implement a nationally leading model for what marijuana legalization can be, legalizing adult-use cannabis in a way that puts racial justice at the forefront, while balancing safety with economic growth, encouraging new small business start-ups and significantly reducing the illegal market”.

At the summit, the senator will join more than 300 influential leaders in fields such as politics, finance, business, and others in conferences and panels to develop a viable roadmap for the future of this new industry in New York.

“Already the corporate finance capital of the world, New York’s marijuana legalization model could make the city the largest cannabis market in North America and, in turn, even by proxy, the new cannabis capital of the world”, says the Prohibition Partners website.

In the same line, Jay Rosenthal, president of Business of Cannabis said that “New York is poised to become the world leader in cannabis”.

A market that will bring in substantial revenues

Following the legalization of cannabis in New York at the end of March, adults over the age of 21 can possess up to 3 ounces of marijuana.

Although cannabis sales have not yet started in the state, as they are expected to begin in 2022, Prohibition Partners estimates that total medical and recreational cannabis sales in New York will reach $2.6 billion next year and increase to $3.9 billion by 2025.

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