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Cannabis Experts Are Hoping 2020 Will Be The Year That New York Finally Legalizes Weed

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Cannabis advocates are cautiously optimistic that 2020 will be the year that New York state finally legalizes marijuana for adult recreational use, marking a milestone for the legal business.

Gov. Andrew Cuomo has included legalization in his budget proposal for the new fiscal year, projecting it could generate $20 million in revenue in fiscal 2021, growing to $63 million by fiscal 2022 and $188 million by fiscal 2025.

Passage of such legislation is not a sure thing, however.

A similar effort last year fell apart when lawmakers were unable to agree on the details, specifically the correct measures to ensure that the communities that were disproportionately punished during the 40 year long U.S. “war on drugs” would benefit from a new legal industry.

Crystal Peoples-Stokes, a Democrat from Buffalo who is New York state Assembly Majority Leader and pro-legalization, welcomed Cuomo’s proposal.

However, “the only legislation that I can support will include a statutory commitment of significant resources directed to communities harmed by mass incarceration resulting from the so called war on drugs, and a robust economic and social equity plan for access to the new industry,” she told MarketWatch in emailed comments.

Read also: Marijuana companies are bad at forecasting, analyst says

Cuomo is taking a different approach this year with plans to create a new Office of Cannabis Management to specialize in cannabis regulation and create the framework for medical, adult-use and hemp programs.

Source: https://www.marketwatch.com/story/cannabis-experts-are-hoping-2020-will-be-the-year-that-new-york-finally-legalizes-weed-2020-01-24?mod=cannabis-watch

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