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420 with CNW — New York Governor Announces Campaign to Promote Purchase of Legal Cannabis

New York Governor Kathy Hochul has announced that the state is initiating a campaign to urge persons 21 years and older to purchase cannabis from licensed dispensaries. The move is meant to make sure that people buy safe products and that profits are directed toward achieving equity and reinvestment objectives.

Hochul stated the “Why Buy Legal New York” initiative will debut around April 20, 2023, the unofficial cannabis holiday, to capitalize on the heightened awareness surrounding cannabis-related issues.

The campaign is premised on reaching consumers aged 21 or older via educational materials; digital advertisements, such as a handbook on safe consumption habits; visuals as well as movies that feature licensed marijuana business owners; and messaging about the benefits of participating in the legal market.

The state has come under fire for the way its adult-use market has been implemented, with only a handful of businesses currently licensed to sell cannabis among an uncountable number of unregulated outlets that officials are intent on rooting out.

Although New York has taken several measures to expedite the launch of online stores, there are still a few channels of entry because the administration and regulators are giving priority to licensing enterprises owned by individuals that were disproportionately impacted by prohibition. In addition, regulators recently published a how-to manual on how consumers can read cannabis dispensary receipts, as they explain how taxes from their cannabis purchases are distributed between community reinvestment programs, local governments, and the state.

Hochul emphasized that even though New Yorkers’ options are limited in the present market, seeking out permitted stores is important for supporting local reinvestment through marijuana taxes.

The initiative in New York is akin to the “Buy Legal” drive, which was started by significant cannabis businesses and the Governor Phil Murphy administration in New Jersey last year. Its objective is to inform buyers about the risks of purchasing cannabis products outside of legal marketplaces.

Last month, New York officials stated that the number of allowed conditional cannabis licenses would be increased from 150 to 300. This resulted from applicants’ suggestions that they could be in position to open stores more quickly and independently thanks to a state initiative designed to assist qualifying organizations in establishing physical locations.

The state emphasizes its role in promoting public awareness about the bill legalizing cannabis. For example, the state has released a taxpayer-financed cannabis PSA that focused on the racially biased results of marijuana criminalization and emphasized efforts that state regulators were taking to make up for the mistakes of prohibition. This was broadcast during NBA finals in most of NYC last year.

In addition, Hochul has sponsored measures to strengthen police authority to crack down on illegal marijuana merchants as the state goes about establishing a regulated market.

As the recreational market gets underway in New York State, there are also some enterprises such as IGC Pharma Inc. (NYSE American: IGC) that are hard at work developing therapeutic formulations from select constituents of this plant.

NOTE TO INVESTORS: The latest news and updates relating to IGC Pharma Inc. (NYSE American: IGC) are available in the company’s newsroom at https://cnw.fm/IGC

About CNW420

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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