New York became the latest state to legalize recreational cannabis, and is poised to become one of the nation's largest markets. The multibillion-dollar business opportunity would be lucrative for cannabis businesses, but industry members and insiders also think that having a prominent state such as New York enact legalization could influence cannabis' future trajectory nationally and potentially help it shed its federally illicit status. Cannabis was one of the few industries to go into the pandemic-dominated 2020 and come out stronger. Sales increased in places where cannabis operations were deemed essential businesses; state legalization measures made a clean sweep at the ballot box in November; and the new administration and slim Democratic majority in Congress fueled optimism about federal law changes.