The poll from Consensus Strategies asked New York residents about a variety of cannabis-related issues, including those related to social equity and licensing. At a top level, it showed that people in the state are ready for a policy change that largely aligns with proposals moving through the legislature this session.
It found, for example, that 61 percent of New York adults support recreational marijuana legalization. But it also offered unique insights into the specifics of what residents hope to see out of a legal cannabis market.
New Jersey state lawmakers put the finishing touches on the state's marijuana legalization measure on Monday as New York officials continue to debate their own version of a bill to allow adults to buy retail cannabis.
The final passage of the New Jersey system, signed into law by Democratic Gov. Phil Murphy, marks the latest state bordering New York to sign off on a legalized cannabis system. It also comes as New York lawmakers in the coming weeks will determine whether to approve an adult-use marijuana provision in the state budget.
During a press conference, Senate and Assembly members and reform advocates took Gov. Andrew Cuomo (D) to task over the legalization plan he outlined in his budget request last month. Legislative leaders said the proposal shows that the governor isn’t serious about enacting the policy change and called for the passage of a bill out of the legislature instead.
New York Governor Andrew Cuomo unveiled a proposal on Wednesday to legalize adult-use cannabis in the Empire State, which could add a much-needed source of tax revenue amid the financial devastation of the COVID-19 pandemic. The plan was announced as part of Cuomo's annual State of the State address.
Another revenue stream that will be pushed by Cuomo is the legalization of recreational marijuana, which was expected to eventually generate more than $300 million in tax revenue.
“The governor’s proposal builds on years of work to understand and decriminalize cannabis for adult use,” the Cuomo administration said in a statement.
“Decades of cannabis prohibition have failed to achieve public health and safety goals and have led to unjust arrests and convictions particularly in communities of color.”
As a New York-based cannabis entrepreneur, I celebrated as New Jersey's vote to legalize adult use cannabis passed by large margins last month. Unfortunately, that joy quickly soured: Legislators put forth a plan – A-21/S-21 – that lacked key social equity provisions won in other states, including allocating funds to help communities harmed by the War on Drugs and clear opportunities for minority communities to participate in the industry.
Marijuana legalization is an inevitability in New York, a top senator said on Monday, adding that the push is being bolstered by voter approval of cannabis reform next door in New Jersey.
Senate Majority Leader Andrea Stewart-Cousins (D) said during a press briefing that “it’s not so much a matter of if, it’s a matter of when and it’s a matter of how” the state legalizes marijuana for adult use.
The top marijuana advisor to New York Gov. Andrew Cuomo (D) says cannabis legalization legislation will again be introduced through the state budget in January, with the goal being to enact the reform by April. He also previewed state regulations for hemp-derived CBD products, including allowing infused drinks and food items.
Billions of dollars in business opportunities are riding on whether New Jersey residents legalize a recreational cannabis market in November.
A recreational marijuana industry in New Jersey itself – with a population of nearly 9 million people – would reach $850 million-$950 million in sales a year by 2024, according to a Marijuana Business Daily projection.
But that’s not all: Approval is expected to cause a domino effect along the Eastern Seaboard and inland, creating an adult-use marijuana region that is among the biggest in the world.
Financial analysis firm Cantor Fitzgerald released a report on Wednesday which estimates that Arizona, New Jersey, New York, Pennsylvania and Connecticut will legalize recreational cannabis sales in the next two years.
Analyst Pablo Zuanic calculates that these new states will add $3.5 billion in market potential for cannabis MSOs and other smaller players.