March 26 2021,


(Photo by Spencer Platt/Getty Images)

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)
    Business Insider

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.


As more states legalize, opponents increasingly see potency caps as a way to curb the industry's growth. Insiders compare the proposals to a return to prohibition since they involve banning many of the products currently available in legal markets.  

  • There's also the possibility of a federal potency cap being included in forthcoming legislation in Congress.
  • The only current state to have potency caps is Vermont for its yet to open REC market. It limits flower to 30% THC and concentrates to 60% THC.
  • A shelved bill in Colorado would have limited all products to 15% THC, which would ban an estimated 65% of the products currently sold in the state's market.
  • Lawmakers in Florida, Massachusetts Washington state and Montana have also weighed potency caps.
  • “If we go down this road, if we start banning certain products, we get law enforcement back in the business of enforcing cannabis laws,” said Chris Lindsey, director of government relations at Marijuana Policy Project.
IN THE NEWS — 3/27/21

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