Governor Andrew Cuomo announces that 2020 will be the year where legalizing marijuana is one of his chief goals. Cuomo was not successful in his attempt to do so in 2019, yet in 2020 he will continue to push to legalize the drug.
In his proposal, Cuomo mentions that he will be forming an Office of Cannabis Management to regulate medicinal, adult-use and hemp programs. The program will “administer social equity licensing opportunities, develop an egalitarian adult-use market structure and facilitate market entry through access to capital, technical assistance, and incubation of equity entrepreneurs” Cuomo’s success could mean that New York would become the 12th state in the US to legalize cannabis for recreational use. Millions of people would be able to have access to legal cannabis.
Legalized marijuana could bring in USD $300 in tax revenue and billions more in economic activity.
Cuomo remarks, “It’ll really be a gigantic market”. According to Cuomo, legalizing cannabis in New York could have an impact on global policy toward marijuana.
Analysts estimate that New York could be a USD $1.6 billion dollar market in 2024. Brightfield Group spectates that if cannabis were to be legalized by 2021, it could be that New York could be the second-largest cannabis industry at $2.2 Billion in sales by 2023.
Cuomo hopes to work with Connecticut, New Jersey, and Pennsylvania in his effort to legalize the drug. In addition, Cuomo hopes to create the first hemp research center. He hopes to partner with the State University of New York to form a Global Cannabis and Hemp Center for Science, Research and Education.