He was once a proud prohibitionist, often referring to cannabis as a gateway drug.
But after Cynthia Nixon gave New York Gov. Andrew Cuomo a run for his money during the primaries, Cuomo quickly realized that by not seeking to legalize cannabis, he was acting against the wishes of voters. That, plus the lure of $435 million a year in tax revenue, may have motivated Cuomo to change his mind. In his inaugural address, he pledged to legalize cannabis.
While legalization isn’t a done deal yet, it’s unlikely that the governor will have too much trouble making good on his promise. More than half of New York voters support legalization, and more and more New York residents see legalization as an opportunity to support social and economic justice in the Empire State.
Make no mistake: the momentum building to legalize adult-use cannabis in New York has been in the works for years, but with the governor of New York and the mayor of New York City now backing it, pot stock investors are salivating.
After all, New York’s comptroller has reported that the legalization of adult-use cannabis could be worth a potential .1 billion. So it’s no surprise to see so many pot stock investors now seeking exposure to New York.
Some of the publicly traded cannabis companies that have exposure in New York include:
- Acreage Holdings (OTC: ACRGF): Vertically integrated to operate four dispensaries and a 70,000-square-foot cultivation and processing facility in New York.
- Curaleaf Holdings (OTC: CURLF): Operates a cultivation facility and five dispensaries in New York.
- Green Thumb Industries (OTC: GTBIF): Operates a cultivation center and has four retail locations under the RISE brand coming into New York.
- Innovative Industrial Properties (NYSE: IIPR): Leases two specialized industrial and greenhouse buildings in New York.
- iAnthus Capital Holdings (OTC: ITHUF): Operates a cultivation facility and a dispensary in New York.
- MedMen Enterprises (OTC: MMNFF): Operates four dispensaries in New York.
Other companies that could gain access to the New York market in 2019 include:
- MariMed (OTC: MRMD): MariMed is looking to expand into New York and already has operations in surrounding states.
- Harvest Health and Recreation (OTC: HTHHF): Harvest Health and Recreation is actively expanding to the East Coast and could set up shop in New York.
Although adult-use legalization in New York isn’t set in stone, the potential market is so massive that it’s hard to ignore. And make no mistake: If New York does legalize, a handful of cannabis companies with exposure to New York are poised to clean up.
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