The legal cannabis market in the U.S. has quickly become one of the most successful throughout the world. With California reaching billions in sales in only a short period of time, and other states leading the fight for marijuana, new states are working to push forward legislation that would allow for the legalization of marijuana statewide.
The most recent bout of news shows that New York State could potentially be in the process of legalizing the use of recreational cannabis across its area. Governor Andrew Cuomo stated that he would like the legislature to begin working on a legal recreational cannabis bill during his first budget address in the coming year. A spokesperson for the governor stated that “We’re drafting legislation.” This is exciting news as New York could quickly become one of the largest markets for legal weed in the country.
Cuomo has been working to support the industry ever since the beginning of this year when he began a group that would help to form new legislation for the industry. The group began work on “the positive effects of a regulated marijuana market in New York.” The data further states that it may “outweigh the potential negative impacts.” Kassandra Frederique, director of the Drug Policy Alliance in the state, recently argued that “there’s a lot to hope for in the legislative season. I think it puts the governor’s office in the hot seat. What they put forward is supposed to be reflective of what they heard. We’re ready with a checklist to hold them accountable.”
The potential for New York’s recreational cannabis market could be huge if they decide to move forward with these laws, but only time will tell.
Most recently, the state of Georgia has announced that lawmakers are working to begin drafting laws that would allow for hemp farming and cannabis oil distribution. The proposals sent by two committees in the state would begin to offer as many as 6,000 patients in the state, the ability to access medical marijuana products. The state is currently waiting for the 2019 legislative session where they will begin to consider whether or not cultivation, manufacturing and distortion of cannabis products will be legalized.
A committee last week studied as to whether or not the farming of hemp would be a benefit to the state, and they found that the ability to create CBD or cannabidiol based products would help patients across the board. For now, we are still waiting upon the state to see what new bills they decide to put into play.
In more definite news, the new market of Massachusetts state marijuana has put out research showing that in less than two weeks, the state has managed to make around $3 million in sales of marijuana. This means that total, the industry has already generated more than $7 million in sales which is quite exciting considering how new the market is. Of course, there is a long way to go before these numbers can reach their projections, but the data is extremely exciting for anyone looking into the industry.
All in all, statewide marijuana legalization is one of the most exciting prospects of future cannabis law. Only time will tell how these changes will help contribute to a paradigm shift throughout the industry.
MAPH Enterprises, LLC | (305) 414-0128 | 1501 Venera Ave, Coral Gables, FL 33146 | new@marijuanastocks.com
