Governor Andrew Cuomo has said that legalizing recreational marijuana in New York is very possible and could even happen soon. I think the legalization of recreational activities this year is ripe because the state will be in dire need of revenue. And I think the pressure will continue to increase because we will need the money so badly. And we now have a budget gap, I think it's going to be a simple conversation, "he added.
Cuomo has maintained for years that he is a supporter of full legalization in his state. Indeed, some are confused, and in April, for example, he called legalization "not likely" by the end of 2020.
Since then, however, the coronavirus pandemic has not diminished its impact on the global economy, which has hit New Yorkers hard, in particular. Cuomo has also been one of the most vocal advocates of legalizing recreational marijuana in New York.
On Election Day, Guards State voters approved the measure by a two-thirds majority. Currently, New York only allows the use and sale of medical marijuana, but it has been perfectly legal for some time. Chicago - Cresco Labs in Chicago (OTC: CRLBF) already operates a medical cannabis dispensary in New Jersey as well as several other dispensaries across the country.
The Sunnyside retail brand, operated by Cresco, has four stores there, as well as a pharmacy in the West Village in New York City. C Resco shares had a good Friday, rising 3% that day, even as the S & P 500 index faltered.