Today is Friday, March 26, 2021. Here’s what you need to know:
Good morning,
This was a big week for the recreational marijuana industry as the state of New York took one large step towards the legalization of cannabis. The decision to move forward with the legalization process follows decades of disproportionate regulation of the substance in communities of color.
An estimated $4.2 billion industry, recreational marijuana has been heavily policed for decades. Should the proposal pass, the state of New York will allow individuals to grow and produce their own marijuana independently, even in their homes for those 21 years old and above. The state would be heavily involved in the process, however, issuing licenses in various aspects of the production process.
A new state office would be controlling and regulating the use of adult-use and medical cannabis programs where appropriate. The office would also directly focus on promoting social equity to persons affected by cannabis in the past, as well as women-owned and minority businesses.
The proposal could bring thousands of jobs to the state and would bring New York into the cannabis industry, becoming potentially one of the largest in the country. 15 states currently allow for recreational marijuana use.
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