Illinois could be next in line for an adult-use market
On Monday afternoon Gov. J.B. Pritzker used his inaugural address to highlight the importance of legalizing cannabis, stating “In the interests of keeping the public safe from harm, expanding true justice in our criminal justice system, and advancing economic inclusion, I will work with the legislature to legalize, tax and regulate the sale of recreational cannabis in Illinois,”
Pritzker has already received the vocal support of House Speaker M. Madigan who endorsed the Governor’s plans to legalize an adult-use market in November, telling the AP he had “very friendly and productive” conversations with Pritzker following his victory.
If the state is to legalize an adult-use market, experts believe it could boost the economy by $1 billion annually, helping create more than 26,000 new jobs.
With a handful of key state representatives working tirelessly to end prohibition, and with the support of a newly elected Gov, expect the state of Illinois to move sooner than later when it comes to the legalization of cannabis – and expect it in writing as it will be at the forefront of issues in upcoming legislative sessions.
Medical cannabis sales begin in Ohio
Four dispensaries opened their doors in Ohio on Thursday morning, welcoming the first batch of sales in the states medical cannabis program.
More retail stores are expected to open in the near future as business owners deal with growing consumer demands. In the Dayton region alone, 9 dispensaries are expected to open by March.
According to BDS Analytics the state should generate nearly $154 million in its first calendar year of sales.
Cuomo (again) promises to legalize adult-use cannabis for New Yorkers
In his eight years of office, Gov. Andrew Cuomo has never experienced or worked under a Democratic monopoly in the State Legislature, until now.
Without having to worry about significant push back, the governor is promising to legalize adult-use cannabis, and used a recent press briefing to ensure voters it’s coming sooner than later – but, similar to past events, Cuomo failed to address specific details of the program, with the only specific details mentioned relating to consumer and revenue taxes.
Once the market becomes fully established Cuomo believes the state would bring in $300 million each year in tax revenue – but his budget director, Rbert Mugica, doesn’t believe that will happen until 2023.
San Jose City Council expanding city’s cannabis industry
On Tuesday, City Council members voted on Tuesday to allow cannabis manufacturing, distribution, and testing businesses to legally operate in city limits.
The move is expected to attract a handful of interested businesses in the coming months, potentially leading to millions of more dollars in tax revenues.
Council members are expected to debate more cannabis-topics in upcoming meetings; including lowering the consumer tax, and distributing more licenses for dispensaries, which is currently locked at 16.