In a recent State of the State speech, New York's governor Andrew Cuomo has proposed cannabis legalization as a method of revitalizing the NY economy.
We recently wrote about the U.S. states that we see as next in line to legalize recreational cannabis use, with New York being #1 on that list.
Now, like clockwork, the New York Governor Andrew Cuomo has again emphasized his desire to make cannabis legal in NY during his State of the State speech.
Cuomo's speech was hardly optimistic, as he candidly discussed the economic impacts of coronavirus lockdowns on New York:
"We simply cannot stay closed until the vaccine hits critical mass. The cost is too high. We will have nothing left to open. We must reopen the economy, but we must do it smartly and safely."
As part of his effort to kickstart the economic heartbeat of New York, Cuomo yet again floated the idea of legalizing cannabis for adult recreational use among those over the age of 21.
Gov. Cuomo argued that a legal cannabis market would eventually lead to the creation of tens of thousands of new jobs, $3.5 billion in economic activity and upwards of $300 million in tax revenue.
Comparatively, Illinois legalized cannabis at the beginning of 2020, was generating $75 million each month toward the end of the year, and had created over 6,000 jobs within just 2 months of legalization.
Cuomo proposed establishing an Office of Cannabis Management, which would standards for the industry by "limiting the sale of cannabis products to adults 21 and over and establishing stringent quality and safety controls including strict regulation of the packaging, labeling, advertising, and testing of all cannabis products."
Should New York follow through with Cuomo's intended cannabis legalization it would join the other 15 U.S. states who have legalized adult-use recreational cannabis.
However, as we've covered numerous times here at The Green Fund, Cuomo has been proposing cannabis legalization in New York for several years now, to little success.
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