The US cannabis industry received a boost after New York Governor Kathy Hochul stated that legalizing recreational cannabis will be a high priority. This comes after ex-Governor Andrew Cuomo resigned and we find this to be significant.

A few months ago, Cuomo and the state Legislature approved legislation to legalize the sale of recreational cannabis in New York. Although the development was significant, the scandals that Cuomo was connected to put the legislation on the back burner.

Although the legislation was approved, Cuomo didn’t nominate an executive director for the new Office of Cannabis Management or name appointees to the Cannabis Control Board. The appointments are key to approve new rules and licensing measures for companies and employees in the emerging industry.

Governor Hochul’s spokesman, Jordan Bennett said, “Nominating and confirming individuals with diverse experiences and subject matter expertise, who are representative of communities from across the state, to the Cannabis Control Board is a priority for Gov. Hochul.”

He added that Governor Hochul looks forward to working with the legislature to keep this process moving forward and we are favorable on the positive commentary that was provided. Governor Hochul previously discussed her plan to advance cannabis appointments with Senate Majority Leader Andrea Stewart-Cousins (D-Yonkers) and Assembly Speaker Carl Heastie (D-Bronx) and we are excited about how she is supporting the emerging industry.

We expect New York to be one of the largest recreational cannabis markets and believe that legalization in the big apple would be a major development for the entire US cannabis market. The state represents an important stepping stone for legal cannabis at the federal level in the US and we will monitor how cannabis bills in Washington D.C. will advance from here.

New York officials estimate that cannabis sales could generate $350 million a year in tax revenue and we believe the state could use it after the COVID pandemic. The state was one of the hardest hit by COVID and we believe it needs new revenue streams to help with the recovery process.

If you are interested in learning more about companies that would benefit from the legalization of recreational cannabis in New York, please send an email to support@technical420.com with the subject “New York Cannabis Companies” to be added to our distribution list.

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Authored By

Michael Berger

Michael Berger is Managing Partner of StoneBridge Partners LLC. SBP continues to drive market awareness for leading firms in the cannabis industry throughout the U.S. and abroad.