Governor Transition To Smooth NY Cannabis Roll-Out

Governor Andrew Cuomo announced plans to step down as of 8/24. Mr. Cuomo will be replaced by Kathy Hochul, the Lt. Governor of New York. We believe this transition likely puts the New York rollout of recreational cannabis back on track and may even accelerate the time line of initial sales from the original summer 2H/22 targets. Prior to the Governor Cuomo news, many participants were beginning to believe a 2023 start was most likely.

Despite passing in March, Mr. Cuomo has always been a reluctant supporter of cannabis legislation and in recent months, the timing of a rollout became uncertain as he and other state leaders politicized the issue leveraging cannabis to get other topics prioritized. Most recently, the Governor and Senate leaders have jockeyed over who will be appointed to lead the Office of Cannabis Management and the Cannabis Control Board. Both sides supposedly are looking to win favor for other issues with appointees. Meanwhile the two state offices are integral in setting legislation and giving …

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