Below is a brief excerpt from a complementary research note written by our Cannabis analysts Howard Penney and Daniel Biolsi. We are pleased to announce our new Sector Pro Product Consumables Pro. Click HERE to learn more.
In an interview with Canopy Growth’s David Culver, Axel Bernabe, Assistant Counsel for Health to NY Gov. Andrew Cuomo, said that cannabis legislation would be brought up again through the state budget in January – the goal being to enact recreational legalization by April.
“We’re watching New Jersey closely. We’ve always been confident that we get to this before New Jersey, so if they pass the referendum, they still have to have an agreement between the governor the Senate over there,” Bernabe said, referring to legislative lag if NJ voters pass the ballot question this November. “We’re working on this. We’re going to reintroduce this in our budget in January. We think we can get it done by April 1.”
This is not the first time that Cuomo’s office has suggested adult-use legalization to be in the near-term – cannabis legalization has been included in Cuomo’s budget proposal for the past two years.
However, it appears that this time around may be different from the pressure of New Jersey legalization and state coffers in dire need of new revenues due to COVID.
Bernabe also commented that the administration would likely pursue regulations for cannabinoid-infused drinks and food items, suggesting an example as setting a maximum of 25 mgs of CBD per serving.
“We’re really doing it across the board on this,” Bernabe said. “We’re really looking at every product class and trying to strike a balance between consumer protection and letting people have what they’re obviously using extensively for health and wellness.”