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.
NY Gov. Andrew Cuomo (D) commented that the state could legalize adult-use to generate revenues and alleviate the state’s COVID-19 induced, multi-billion dollar budget deficit.
In an event promoting his upcoming book, Cuomo responded to the question of “When is New York going to legalize marijuana?” with, “Soon, because now we need the money.”
He went on to say, “I’ve tried to get it done the last couple of years. There are many reasons to get it done, but one of the benefits is it also brings in revenue, and all states — but especially this state — we need revenue, and we’re going to be searching the cupboards for revenue. And I think that is going to put marijuana over the top.”
Cuomo’s position on marijuana has reversed over the past decade. When entering office in 2011, Cuomo opposed both medical and adult-use legalization. He switched his position on medical in 2014 and signed a bill legalizing it.
It's only been in the past two years that Cuomo has reversed his adult-use stance and began pushing towards recreational legalization.
The combination of New Jersey legalizing adult-use and the state’s budget deficit may be enough to push New York towards legalization.