What’s next in New York and New Jersey? Marijuana business experts weigh in
Illinois became the 11th state in the nation Tuesday to legalize adult-use marijuana after Gov. J.B. Pritzker signed a recreational bill into law.
What lessons were learned by the cannabis industry, and how are business strategies shifting?
Why did those states fail, while Illinois succeeded in approving recreational marijuana via a legislative move?
Industry watchers see cannabis businesses generally maintaining their interest in the densely populated Northeast U.S., perhaps by trying to enter the growing medical cannabis markets.
Meanwhile, New York and New Jersey marijuana businesses hope to continue to build support for eventual adult-use legalization.
Here are five points that summarize the situation:
1. Why New York and New Jersey failed to legalize adult use.
New Jersey Gov. Phil Murphy and state Sen. Steve Sweeney struggled from a personal standpoint – and over tax rates.
“Cannabis was an innocent bystander” in that tangle, said New Jersey cannabis attorney Bridget Hill-Zayat of the Hoban Law Group.