Recreational cannabis will be legal in New York State for the first time on December 15, 2018. Current New York law prohibits the possession, use or transfer of cannabis, however the law permits individuals to participate in its use for medical reasons and research.
New York state will soon open up its legal cannabis market to adults. That’s part of a broader trend to expand the recreational use of marijuana throughout the US. But the question remains: How will this new policy effect the state’s current population of medical marijuana users?New York Governor Andrew Cuomo has just announced that the Empire State is about to legalize recreational cannabis. Analysts had expected New York to become legal in 2021, but after Cuomo’s revelations, it looks like it will happen sooner than expected. Here are some details of the marijuana moment. Marijuana reform advocates see some positive signs in the process of legalizing marijuana in New York: The governor said a deal was within reach, and the Senate passed a new resolution indicating that a legalization bill would have to pass outside the budget process. Cuomo said Monday that passing marijuana reform and legalizing recreational marijuana remains a priority, and that he spent the weekend with Assembly Majority Leader Crystal Peeples-Stokes (D), MRTA’s sponsor, working on the legislation. He said they look a lot like marijuana. The fact that New York may become legal is important for two reasons.
#1 – New York becomes one of the world’s largest cannabis markets
New York City is expected to quickly become one of the largest cannabis markets in the world. In a recent report, authors Parrott and Mattingly predict that annual cannabis sales could reach $4 billion by the end of the decade. Other details from the report include:
- Annual retail sales of adult marijuana are expected to rise from $566 million in fiscal 2023 – when legal sales will likely be allowed for the first time if approved that year – to $2.6 billion in 2027 and could reach $3.9 billion in 2032.
- Legal recreational marijuana could generate up to $159 million in excise and sales taxes by 2023, and up to $765 million by 2027, when current users switch to the legal retail market, according to Cuomo’s proposal.
- Every $1 billion invested in recreational cannabis creates about 19,400 jobs in the cultivation sector.
- By fiscal year 2027, adult-use marijuana sales will increase New York City’s economic revenue by $6 billion.
#2 – New York as a driver of the growth of legalization in the northeastern United States.
New York City is the cultural and financial center of the northeastern United States. With a population of 19 million, it is the fourth largest city in the United States. If New York becomes legal, it will encourage neighboring states, including Pennsylvania, Virginia and Connecticut, to follow suit. As a result, New York will have a major impact on the entire U.S. cannabis industry, creating another great investment opportunity. I see an early leader in New York who has the potential to generate returns for investors looking to play in the New York leisure market. This company is :
- One of the largest cannabis companies in the United States.
- Active in 23 states, with a concentration on the west and east coasts.
- One of the first industry leaders in New York.
A $10 billion giant wants to take over New York
Curaleaf Holdings (CSE: CURL, OTC: CURLF) is an American company with a market value of $10 billion. Curaleaf operates in 23 states, has 101 local clinics, 22 cultivation centers, 30 treatment facilities and has a patient list of over 350,000. Curaleaf is a major player in the U.S. cannabis industry, but the company focuses on the Northeast, with medical dispensaries in New Jersey and Pennsylvania and recreational dispensaries in Massachusetts. In the region, Curaleaf has a strong and growing presence in New York City.
- Curaleaf already has four medical clinics in New York City.
- In early September, Curaleaf announced the launch of its medical cannabis brand Select in New York.
Its early presence in New York’s emerging medical cannabis sector provides an ideal foundation for Curaleaf’s expansion when cannabis is legalized for recreational use in New York State. The owners of medical cannabis dispensaries are usually the first to be licensed to sell recreational cannabis. I consider it likely to happen in New York, and it would put Curaleaf in an ideal position to capture New York’s leisure market.
Curaleaf shares just hit a new 52-week high
In the past year, Curaleaf shares have risen more than 400% from their March 2020 low. Curaleaf Holdings 12-month chart (CSE:CURL,OTC:CURLF) In the future, Curaleaf could benefit from legalization in the Northeast and New York, which should generate more support for the stock.
New York and Kuralefu overview
It has just been announced that New York is planning to proceed with legalization sooner than expected. This is good news for the American cannabis industry. New York is likely to become one of the largest cannabis markets in the world, causing neighboring states to adopt the legal market as well. Curaleaf is in a state of capitalization. It is one of the largest cannabis companies in the United States, with a strong and growing presence in the Northeast. *Author Michael Vodicka owns shares in Curaleaf Holdings (CURLF). Best,Michael Water Editor, Cannabis Effects Trading
About the author and cannabis stock trading
Michael Wodicka is an equity analyst with over 20 years of trading and investment experience. His research has received attention in some of the industry’s most respected publications. He has been investing and managing investors in the cannabis sector since 2013. Mr. Vodicka offers his experience and advice to Cannabis Stock Trades members. Sign up for Cannabis Stock Trades and receive exclusive analysis from Mr. Water, trade alerts and a sample portfolio.
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