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Saturday, December 31, 2022

Legal sale of cannabis begins in New York; industry to hit $4 billion in value over five years

Before the new law went into effect in the midafternoon on Thursday, there was no way for consumers to legally purchase cannabis in the state.

• December 30, 2022
Cannabis store
Cannabis store

The State of New York in the United States officially decriminalised the sale of recreational cannabis on Thursday, marking an end to decades-long restriction. 

In March last year, the state legislature passed the first-of-its law to prioritise people that have been affected by the enforcement of marijuana laws to benefit from early business opportunities in the new industry.

Before the new law went into effect in the midafternoon on Thursday, there was no way for consumers to legally purchase cannabis in the state.

New Yorkers had lined up in their stretching numbers in several outlets across the city to purchase the newly available recreational cannabis. 

A 33-year-old stay-at-home dad, Kenneth Woodin, was in line at the cannabis dispensary in Greenwich Village in Manhattan. After nearly four hours of waiting Mr Woodin finally landed his hands on the product. He bought two bags, each containing an eighth of an ounce of smokable flower called Gorilla Glue for about $90.

“This is a part of history. I don’t want to feel like being a criminal anymore,” he told the New York Times.

The mood across dispensaries in New York was lively as people triumphantly celebrated the new freedom, with activists cheering on regulators and lawmakers who gave speeches celebrating the day.

According to projections, the cannabis industry would generate $4 billion in the next five years.

The latest development is part of efforts to finally decriminalise the use of marijuana in the United States, in which people of marginalised communities are mostly victims, especially the black community.

In October this year, U.S. president Joe Biden signed an executive order pardoning thousands of people convicted of marijuana possession under federal law, and said his administration would begin proceedings to determine whether marijuana should still be in the same legal category as drugs like heroin and LSD.

Mr Biden also urged governors of different states across the country to do the same.

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