Most of the states in America where marijuana is not legal are looking to change that by legalizing either medical or recreational marijuana in 2020. Although the legalization of marijuana at the federal level was not successful in 2019, this year, it might be possible. Last year, New York did not succeed in legalizing marijuana; but this year, the New York Governor Andrew Cuomo promised to legalize marijuana.
In his annual State of the State address on Wednesday, Gov. Cuomo said that the criminal justice reform is long overdue because, for decades, people of color have been disproportionately terrorized by the war against drugs. He also noted that it is high time New York legalizes recreational marijuana.
Cuomo feels that legalizing marijuana could bring in more than $300 million a year in tax revenues and billions of dollars more in economic activity if the marijuana program is implemented correctly.
Cuomo further said that he would work on marijuana plans in collaboration with other states such as Pennsylvania, New Jersey, and Connecticut. He also noted that the university system in New York state should be allowed to conduct additional studies on cannabis and its effects.
As per the current cannabis law in New York, marijuana products meant for recreational use should not contain more than 0.3% of THC. The state has also decriminalized simple marijuana possession. New York legalized cannabis for medical use in 2014, and for patients to get access to medical marijuana, they are required to submit a certificate from a registered medical marijuana physician. Medicinal marijuana products are available in the form of capsules, liquids and CBD oil.
The state expanded its medical marijuana program by allowing more marijuana products such as chewable and effervescent tablets and lozenges, as well as ointments, topical creams, and transdermal patches.
There is a huge demand for marijuana in the U.S., and when consumers do not want to smoke, they can try using edibles. Edibles include gummies, chocolate, brownies, and beverages. There are 40 dispensaries which are open and serving medical marijuana patients in the state. The cultivation of marijuana at home by marijuana patients is prohibited.
Being an important state in the U.S., New York would provide a vast recreational marijuana consumer base for companies producing marijuana products.
This year more U.S. states, such as Utah and Virginia, will attempt to legalize marijuana and New York doesn’t want to be left behind. It would be eye-opening to hear what weed-related companies like Willow Biosciences Inc. (TSX: WLLW) (OTCQB: CANSF) and Dama Financial may recommend as ways to overcome the obstacles that prevented the previous legalization bill from getting sufficient support last year.
CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.
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