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New York will invest 4.8 million dollars in the cannabis industry

New York will invest 4.8 million dollars in the cannabis industry

The mayor of New York, Eric Adams, announced this Wednesday that he will invest 4.8 million dollars in the promotion of the cannabis industry, a drug that is already legal in the state but whose regularization has not yet been completed.

“The cannabis industry could be a boon to our economic recovery, create new jobs, build wealth in historically underserved communities, and increase state and local tax revenue,” Adams said at an appearance.

The mayor took the opportunity to make the announcement today, since April 20 in the United States is written 4/20, the number with which marijuana is colloquially called in the country.

The new investment, which Adams hopes will be included in the 2023 municipal budgets, will be focused on promoting the growth of this industry, bringing municipal services closer to communities, and offering technical assistance to businesses that want to apply for licenses.

“With a newly regulated market for adult cannabis use on the immediate horizon, now is the time for our city to make proactive investments to ensure that people disproportionately affected by the criminalization of these substances can reap the benefits of the new industry,” Adams said.

According to official forecasts, recreational marijuana use in New York is expected to generate $1.3 billion in revenue in its first year and create between 19,000 and 24,000 jobs in three years.

In parallel, the governor of the state, Kathy Hochul, announced new information round on cannabis legislation focused on the dangers of driving under the influence of this drug, the risks of its use among young people, and its safe storage in the home and its respectful consumption in public.

“Part of building the nation’s strongest cannabis industry is making sure New Yorkers have relevant data at their fingertips, and reminding them that as they participate in the April 20 celebrations, it’s never safe to drive high, don’t be should be abusing cannabis, and cannabis can harm the growing brains of young people,” the governor said.

Sixteen US states allow recreational use of cannabis: Alaska, California, Oregon, Washington, Nevada, Colorado, Michigan, Illinois, Massachusetts, Maine, and Vermont, plus Washington, DC, New Jersey, South Dakota, Montana, Arizona, and New York, where the planting of yerba has already been authorized, in order to put the law into effect.

The neighboring state of New Jersey will begin this Thursday the sale of marijuana for recreational use this.

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