New York State Potential Legal Adult-Use Cannabis Sales

• Last week, New York Gov. Andrew Cuomo’s new state budget including plans to legalize and tax adult-use cannabis.
• The plan would create an Office of Cannabis Management for medical, adult-use and hemp programs, including international cannabis and hemp research through the state’s university system.
• In the fifth year of its medical cannabis program, New York treats nearly 113,000 certified patients, with projected annual sales exceeding $500 million by 2025.
• The state has an estimated average of 1.6 million people who consume cannabis at least once a month, with 2.4 million who report consuming some at least once per year.
• If NY legalizes cannabis for adult use in 2020, annual sales of adult-use cannabis are projected to surpass $2.4 billion by 2025.

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