Why New York Is Poised to Become the New Cannabis Capital
A senator-led 'nation-leading' summit is just the start.
New York State Sen. Liz Krueger will detail the state's model for cannabis legalization at an upcoming conference, Business of Cannabis, to be held Sept. 29. This will be the first major cannabis summit since the Marijuana Regulation and Taxation Act (MRTA) was approved in March 2021.
Now that New York Gov. Kathy Hochul has completed the formation of the state's marijuana regulatory board with Wednesday's final two appointments, the Empire State is ready to move after months of delay.
According to a press release, Krueger, a Democrat and lead sponsor of the MRTA, will be joined by more than 300 of the most influential leaders in policy, business, law and finance for a day-long program of keynote talks, panels and networking to develop a workable roadmap for the future of the new cannabis industry in New York.
To be held at the Rainbow Room in Rockefeller Center, speakers will include State Sen. Brad Hoylman and analyst Pablo Zuanic of Cantor Fitzgerald.
New York's future is bright...and lit
Prohibition Partners, a cannabis data and analysis firm, estimates total sales of medical and adult-use cannabis in New York will reach $2.6 billion in 2022, rising to $3.9 billion by 2025.
“New York is poised to implement a nation-leading model for what marijuana legalization can look like by legalizing adult-use cannabis in a way that foregrounds racial justice, while balancing safety with economic growth, encouraging new small businesses, and significantly diminishing the illegal market," Krueger said, adding that her goal has always been to end the racially disparate enforcement of marijuana prohibition that has taken such a toll on communities of color across the state.
"The economic windfall of legalization to help heal and repair those same communities. It will be critical that these goals are prioritized as MRTA is implemented in the months ahead.”
Already the global capital of corporate finance, New York’s "nation-leading marijuana legalization model" could result in the Big Apple becoming the largest cannabis market in North America and in turn, even by proxy, the cannabis capital of the world.
Don't be jealous, Boston
Jay Rosenthal, president of Business of Cannabis, said: “As a Bostonian, it pains me that New York leads on anything – be it baseball or cannabis – but the truth is that New York is poised to become the global leader in cannabis. Being able to present Business of Cannabis: New York is a privilege.”