New York’s Cannabis Gold Rush

Capalino Hosts Cannabis Summit to Discuss Economic Implications of Legalizing Pot

Written by Lindsay Safran, Vice President, Capalino

“Legalization is going to be a 21st century gold rush”. That’s how former New York City Council Speaker Melissa Mark-Viverito, an early advocate for marijuana decriminalization, sees the future of the cannabis market.

Cannabis legalization is gaining serious momentum across the country– 10 states, and Washington, D.C., have all legalized marijuana for adult-use, and this week Canada became the largest country to pass full legalization. As more states expand access to medicinal and adult-use, there is increased momentum for a regulated cannabis market in New York State, which is likely to be the largest in the country. The economic impact of a new marketplace – including retail sales, farming, ancillary and support businesses, and tax revenues – is estimated in the billions, but the path to a sustainable and equitable industry is still unclear.

On Tuesday, October 16, Capalino hosted “Cannabis Summit: Developing a Sustainable Cannabis Economy in New York”, which brought together policymakers, thought-leaders and industry experts from around North America to discuss New York’s path toward a sustainable market.

Over the course of the day, speakers, including New York State Senator Liz Krueger and Drug Policy Alliance Deputy State Director Melissa Moore, and panelists discussed the success and failures of other regulated markets, the logistics of legalization – from licensing and permits to enforcement and compliance – and the importance of addressing racial and social equity to ensure opportunity for all.

To learn more about the event, and see the biggest takeaways, read City&State’s Will Disadvantaged Communities Miss Out on the Marijuana ‘Gold Rush’? and Brooklyn Daily Eagle’s Cannabis Summit Brings Pot Growers, Entrepreneurs, Consultants Together in NYC 

See photos from the event here: https://www.facebook.com/media/set/?set=a.1959250754117734&type=1&l=7400c21281

Get The Latest From Capalino! Sign up for our free weekly newsletter for a roundup of top news and appointments from New York City and State government straight to your inbox every Friday. Click here to subscribe to Affairs+Appointments.