The legalization of adult use cannabis would greatly benefit New York’s citizens and economy. If implemented correctly, the results could provide immense and long-lasting relief to the city and communities most affected by prohibition. With the city and state facing a myriad of pressing concerns, from staggering debt to police reform, these are a few ways I believe legalization of marijuana could offset some of the ongoing pains.
Job and Market Stimulus via Legal Cannabis Market in New York
New York could create scores of job opportunities if adult use cannabis were legal. A February 2020 report from Leafly reported that the legal cannabis industry created 243,700 full-time jobs by the turn of the year. That number may have taken a slight decline due to the COVID-19 pandemic, but that should be just a momentary setback. The Leafly report shows that the market is on the rise, with a 15% uptick in jobs from the year before.
States leading the pack include Massachusetts, Oklahoma, and Illinois. New York could quickly become a leader if it were to legalize adult use cannabis. Frankly it’s already the leader, it’s just not regulated.
New York is forecasted to be one of the biggest markets in the world. Due to state legislation, little has developed so far. Only 10 companies hold licenses for the state medical market. When New York eventually passes adult use laws, scores of license holders will enter the market and create jobs. A 2019 report by Weedmaps found that New York State could add nearly 40,000 jobs while attracting numerous investors if it were to pass legislation. And did we mention tourism?