Yes, the rumors are true. Yesterday, the NY state legislature came to an agreement to legalize recreational marijuana, allowing for a potential $4.2 billion industry and positioning NY to become one of the largest markets in the country.
The market for CBD products has grown rapidly since it emerged a few years ago. The demand for cannabidiol for health and wellness purposes is high, which has been the major factor contributing to the success of B2C CBD brands. While CBD products and recreational marijuana seem like apples and oranges, the two are very closely linked.
This victory is not just for teens tired of hiding their stashes — it’s a victory for the entire cannabis industry. Eager to get into this market, our agency managed to secure press for one of our cannabis clients, High 90s, in New York-based publications right as this news broke – hooray! This is great news for all of our cannabis clients because with this law, there will be a greater awareness of the different uses and effects of marijuana. Increased interest and education will ultimately lead to a weakening of the stigma surrounding it, making room for demand to grow.
According to details obtained by The New York Times, the drug will be legal for adults 21 and over. The law will allow for the delivery of marijuana to customers and clubs or “consumption sites,” and for state residents to grow up to six marijuana plants for personal use. The law will also expand the state’s existing medical marijuana program.
Of course, it’s not all about retail. This deal is going to help minority communities plagued by marijuana restrictions thus far. Associated Press reports that tax revenue generated by sales of the drug will be reinvested in communities disproportionately affected by the war on drugs, in public education and toward drug treatment and prevention.
Even if the bill passes this week, it doesn’t mean that records will be expunged or weed gummies will be bought right away. Assembly Majority Leader Crystal Peoples-Stokes estimated it could take 18 months to two years for sales to start.
So, yeah — I’d say this is one of those moments where we’re glad that public opinion moves faster than politicians.
