The opening of the cannabis market in New York will be a massive catalyst for the cannabis industry, according to an industry veteran.
“I think New York is a market [Senate Majority Leader Chuck] Schumer, representing New York City, is going to be a very, very lively topic through September, “Bruce Linton, Chairman of Gage Cannabis and former CEO of Canopy Growth (CGC) said Yahoo Finance (video above). “And for me that’s one of the bigger movers. You say to anyone else in the world, tell me the name of a city in the US, and New York is probably number one 90% of the time. “
new York legalized recreational cannabis in March, which allows New Yorkers to own up to three ounces of marijuana and clears certain marijuana offenses from criminal records. The New York Medical Cannabis Industry Association Estimates that the cannabis market in the state is $ 4.6 billion and would grow to $ 5.8 billion by 2027 if current trends continue.
The actual cannabis industry and regulatory structure in the state still has to be largely built up: key positions in the Office of Cannabis Management and in the Cannabis Control Board will remain after former Governor Cuomo. vacant hit a dead end with the leaders of the state senate about the appointments. Without the regulator, marijuana sales are still banned.
Linton said he expects more regulatory moves now, since Cuomo resigned amid allegations of sexual harassment.
“I believe, and I think a lot of people believe, that he was the source of the blockade,” Linton said, adding that “there will be a much more sophisticated process to put the governance panel together and get started.”
In August, Kathy Hochul joined the New York governorate on a change in leadership that could change the frozen dynamics of the marijuana program.
“I’m pretty optimistic about what will happen when the new governor takes office,” Linton said. “If New York and the state actually become number 1 when it comes to openness and good governance, and doing the right things about cannabis, it will bring a lot of reality to the global situation and the US situation.”
Marijuana legalization is gaining momentum at the national level
Linton also commented on the prospects for legalization on the federal front, particularly with the Cannabis Administration and Opportunity Act revealed by Schumer, Sen. Ron Wyden (D-Oreg.) and Sen. Cory Booker (D-NJ) in July.
“I think they have at least made one claim now,” Linton said. “You can say that we presented the first invoice. If the election takes place and nothing has happened, you can count on it as a voting point. ”
Linton added that the legislation is “good policy. People have to get off the couch for the next election and this could be a reason. ”Support for marijuana legalization among Americans rose to 68% by the end of 2020. corresponding Gallup poll.
Meanwhile, according to Linton, the delay in legalizing marijuana stocks like Canopy Growth and Gage Growth (GAEGF). Therefore, the cannabis trade is currently “quiet”.
“People will be paying attention,” said Linton. “And I think all it takes is a remarkable event. New York has moved faster and is more alive. Or this federal deal ditch some of the fun tax stuff for FDA admission and people are excited about the trade. “
Grace is Assistant Editor for Yahoo Finance and UX Writer for Yahoo Products.