Cannabis News

NYC Mayor: A Proponent for Cannabis

by | Business, Cannabis News, Cannabis: How To | 0 comments

“I’m a bit disappointed that there isn’t a nice scent of weed,” Mayor Adams joked at The Cannabis World Congress and Business event.

The Legacy Market in NYC received some good news from Mayor Eric Adams who promised to not take a “heavy-handed” approach toward those who sell cannabis in the city. Adams gave New Yorkers his blessing to smoke more pot. “Enjoy yourself, light up, but most importantly, spend some money. We want your money,” he said. Is This the type of energy we want from our mayors?

 

The Political Scene
Politicians supporting cannabis should be encouraged, and most are enticed, by the business of cannabis. While the delivery of these promotions is debatable, one must question the motives to establish intent.
Bordering state New Jersey legal weed sale receipts reported to the CRC showed $24,201,875.38 million in recreational weed sales from April 21 to May 21, 2022 according to NJ.com. With New York State more than twice as populated as NJ, it’s no surprise to see Mayor Adams strong support for cannabis sales. Mayor Adams expects to collect $1.25 billion from legal weed in the next six years. Mayor Adams even put his money where his mouth is by earmarking $5 million in his executive budget to help New Yorkers apply for recreational cultivation licenses.

The question remains…. will more mayors take this approach to cannabis?

New York joins New Jersey, Massachusetts, and Illinois at the forefront of baking social equity into their cannabis policy. Getting equity right will be a key part of the recipe for every state racing to become the East’s premium cannabis market. As western states have already learned, it’s not about who legalizes first, but who legalizes right. In New Jersey, over half of recreational cannabis licenses have gone to “diversely-owned businesses” that are majority-owned by residents who identify as Black, Latinx, Asian, veteran, or a woman, as well as residents from “impact zones” that were most impacted by the failed War on Drugs. New York lawmakers are exploring the idea of having private equity investors partner with legacy and micro-business operators to change lanes into the legal market. But they have good reasons to approach the situation lightly.

 

Read more here.

Photo Credit.

Anthony Pena
Project Management Coordinator Intern

Anthony was born in Bronx, NY. He grew up with the indelible mindset that an individual only deserves what he or she works for and a person was only as good as their word. It would be no surprise that with solid core values to guide Anthony that a young “Canasuer” would excel at literally any venture he pursued.

Intrigued by music, he saw the one-time student of legacy cannabis go on to excel as a top-rated hospitality and event promoter whose passion for hosting popular VIP events that connect politicians, chefs, doctors, influencers, athletes and creative artists with each other and would lead to him realizing his first dream of liberating and assisting those affected most by the War on Drugs. Convinced that legal marijuana can change the economic trajectory for people of color globally is why I work so tirelessly on the massive opportunities that the cannabis industry has to offer. As a catalyst for economic growth within the “black" and “brown" community is the badge of honor so proudly worn by a one of a kind human.

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