In the 2020 election, we have seen many states legalize recreational adult-use of marijuana. New Jersey, Vermont, Arizona, Montana and South Dakota all voted to pass legalization of cannabis. Legalizing in these recent states was a huge step forward in the cannabis industry. Make’s one wonder, “who’s next?”
New Jersey neighboring states, like New York and Pennsylvania, are going to start pushing for their own legalization. They don’t want their potential customers being drawn to New Jersey. Other states like Connecticut, Maryland, and New Mexico are all next up to bat as well.
Pennsylvania
Pennsylvania’s Governor Tom Wolf has already stated legalizing adult-use cannabis can lead to economic gains and restorative justice for Pennsylvanians.
“This year (2020), I again went to the General Assembly and asked them to make legalizing adult-use cannabis a priority for the fall as we work to find ways to overcome the economic hardships of the COVID-19 pandemic. To date, there has been no movement to advance legislation. So, I’m here today to ask again, and to focus on two particular benefits of legalization – potential economic growth and much-needed restorative justice.”
Governor Tom Wolf
New York
New York’s Governor Andrew Cuomo stated New York intends to legalize marijuana to help the economy recover from the pandemic. In the Sixth & I podcast Gov. Cuomo stated,
“There are a lot of 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.”
Governor Andrew Cuomo
A top adviser from the state of New York has also recently come out stating the plan is legalizing cannabis in New York in early 2021.
What is the future for legalizing cannabis?
Marijuana Business Daily projects the November 3rd election opened the door for marijuana cultivators. Specifically in states like New York, Pennsylvania, Connecticut, Maryland and New Mexico. They could generate more than $2.5 billion combined in the first year and $6.3 billion by the end of 2024.
The pandemic has forced states to find new ways to support their economy as well as the countries economy. Cannabis creates thousands of jobs in cultivation facilities and dispensaries. The industry has a lot of money on the table and the country can benefit significantly.
How can Sapphire Risk help?
This years elections was favorable for cannabis, and the future is anxiously anticipated. Players in this game are about to get their portion of a billion dollar industry. Interested in breaking into the cannabis industry? Tony Gallo and the team at Sapphire Risk Advisory Group have over 30 years of security experience and expertise. See how we can help get your cannabusiness started.
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Check out some other relevant articles for more industry news:
Application Announcement: Georgia Licenses are Open!
How to obtain a Cannabis Cultivation Facility
How the Election will Effect Cannabis Businesses & Legalizations
