New York legalizing weed could mean big things for the future of the cannabis industry
New York makes at least 15 states that have legalized adult-use cannabis, and a few more, such as Virginia, New Mexico and Pennsylvania, are looking to join the crowd
Thursday, April 1, 2021
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.
