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New York is latest state to legalize recreational marijuana
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New York is latest state to legalize recreational marijuana
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Cannabis stocks to bet on if New York legalizes marijuana
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On Saturday, New York lawmakers published an updated version of a bill to legalize adult-use cannabis after weeks of negotiation. Lawmakers voted to pass the legislation on Tuesday and on Wednesday morning, Governor Andrew Cuomo signed the bill into law.
Legalization means there will be huge changes to the state s current cannabis landscape. Analysts at Stifel said they expect adult-use cannabis sales to start in late 2022, and that the state s market could exceed $5 billion.
Ten cannabis companies currently operate in New York s medical marijuana market. Nine of them are owned by large companies that sell cannabis in several US states, which are called multistate operators or MSOs. One is independent and operates in New York alone.
The greenhouse at The Pass in Sheffield, Massachussets, a vertically integrated growhouse and dispensary. As cannabis increasingly becomes available nationwide for both medical and recreational use, New York State, where the plant is currently decriminalized, is likely to be among the next states to join one of the least understood, and at times controversial, socioeconomic booms of the century to date legal cannabis. But how this landscape will appear, and what New Yorkers can come to expect from legalized cannabis should it occur, is difficult to predict. Each state has its own set of regulations, few of which are universally consistent. However, with nationwide legalization entering the second half of its first decade, and the recent passing of New York Senate Bill S6184A, defining the growth and distribution of industrial hemp in the state, patterns and expectations are beginning to emerge that New Yorkers can learn from.