New York Leaders Announce Plans For Cannabis PushJanuary 7, 2021
New York Governor Andrew Cuomo announced official plans to legalize recreational cannabis in the upcoming legislative session. Albany lawmakers have taken up similar proposals the last two years but have come up just short of the goal-line. The proposal would create a new state agency—the Office of Cannabis Management—to oversee the New York medical and recreational markets.
State Senator Elizabeth Krueger also refiled the legalization bill she sponsored last year in preparation for the coming session. While these bills have failed in recent years, hope is strong that this attempt will be successful, both due to Cuomo’s embrace of the issue and legalization’s advance elsewhere in the U.S.—particularly the neighboring market of New Jersey. Once fully operational, New York’s market is estimated to be capable of generating $300 million in tax revenue annually.—Danny SullivanSubscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning.