Legal Cannabis Is On The Horizon in New York. Here’s What You Need To Know
New York was late to the game when it legalized medical marijuana in 2014, and they are now feeling the pressure as other states along the east coast have either already legalized recreational use, or are heavily considering it.
Prospects look positive as state officials seem to be reversing their positions from seeing cannabis as a gateway drug, to something that will generate revenue for the state and decrease costs in their criminal justice system.
As of right now, The Marihuana Regulation and Tax Act – New York Senate Bill S3040A – is sitting in the state legislature under financial review. Similarly, NY Governor Andrew Cuomo, who was only until recently a staunch opponent of cannabis legislation, announced a study led by the New York Health Department to determine the reality of legalizing in the state.
Cleary, New York is outnumbered by many of its neighbors, including Canada, who already see the marijuana regulation as a net positive.
And, with a population that is tired of the illegality of cannabis and ready for a recreational model, it seems pretty clear that New Yorkers will soon be able to indulge in the fastest growing industry in the United States.
When New York legalizes recreational use, it will be huge opportunity for businesses to establish a foothold in the industry. There are steps you can take right now to be the most prepared for when the new law goes into affect.
Some of these next steps are to create a corporate structure, develop a business plan, and create an economic development plan, which includes working with local municipalities and determining the right location for your business.
The cannabis industry is complex, always evolving, and sometimes very difficult or time-consuming to navigate. At Higher Yields Consulting, we are experienced marijuana consultants providing innovative business solutions to meet all of your needs.
Whether you’re brand-new to the industry, or looking to expand, working with us will give you a competitive edge and maximize your success.