New York lawmakers reportedly secured a deal to legalize REC, giving rise to a projected $4.2B industry. Bringing legal cannabis in the country's most populous and highest profile city is also a major symbolic victory for the movement.
- The deal would allow alcohol-free consumption lounges, a substantial equity component, home delivery and the right to grow up to six plants at home.
- A vote on the proposal could come as soon as this week. If approved, the first legal sale is still probably more than a year away.
- A top Wall Street analyst said the deal isn't favorable to the MED companies currently operating in the state. (Paywall)
Meanwhile legalization appears to be gaining momentum nationwide. A bi-partisan push to legalize is underway in neighboring Pennsylvania, as New Mexico Gov. Michelle Lujan Grisham plans a special session of the legislature to get REC done. In Virginia, Gov. Ralph Northam is under pressure to allow sales before 2024.