New York «very close» to legalizing cannabis

This time, it's for real. After eight years of delays, New York is «very close by» to legalize the recreational use of cannabis. Those were the words of Governor Andrew Cuomo on Monday afternoon. «We’ve been trying to do this for three years. We need to pass this bill and legalize recreational cannabis this year. Too many young lives have been ruined because of anti-cannabis laws.»

Legalize consumption in the Big Apple, and the rest of the state is an old debate that has been resurfacing for nearly ten years. According to calculations by Business Insider, This is the fifth bill since 2013. But this time, the stars seem to be aligned.«I spoke on the phone this weekend with Crystal People-Stokes, the majority leader of the New York State Assembly [the state legislature]. We’ve made good progress. We’re very close to reaching an agreement on cannabis.»

Should we believe what Cuomo says, in power in Albany, the state capital, since 2011 ? Yes, according to the experts. First, stock prices. In New York, the world’s largest financial center, shortly after the governor’s announcement, several stocks cannabusiness have soared. +4 for CanopyGrowth, 5 more points for Aurora, and up to 11 points for Aurora and Tilray.

«Project finalized this week»?

Second, the political climate could be favorable. Indeed, Andrew Cuomo has been embroiled in a scandal ever since the New York Times revealed allegations of sexual harassment regarding him. «We are convinced that Cuomo is even more determined today to get this highly popular bill passed, which could also divert public attention and secure him a political victory at the same time.», according to a report by BTIG, a New York-based stockbrokerage firm.

Another factor that could work in favor of legalization: the state’s coffers are empty, due to the COVID-19 pandemic. Desperately empty. New York has a $15 billion deficit, the largest in its history. Legalizing cannabis would not be enough to close this deficit, but it could be a good start. «Anyone who thinks cannabis is the magic solution to this problem is mistaken"«,” says Democratic Senator Liz Krueger, in Cannabis Wire.

Much of the solution now rests on the shoulders of Crystal People-Stokes, the Democratic majority leader in the House. A spokesperson, reached by Cannabis Wire is generally positive.  «We are cautiously optimistic that things will be finalized this week or next week. But we’ll need to remain vigilant.»