Rochester Mayor Speaks to Yahoo Finance About the Unfolding of the Legal Cannabis Industry in NY

Late last year, New York took the bold step of legalizing adult-use cannabis in the state. However, the recreational program is yet to be rolled out and residents are watching keenly to see how retails sales will be regulated once the ball is rolling. Yesterday, the Rochester Mayor Malik Evans had an interview with Yahoo Finance where he gave revealing details of how the cannabis market is likely to unfold in New York. The interview was conducted by Brad Smith and here is an overview of the interview.

What do the residents feel about the situation?

The mayor reports that residents of Rochester are particularly upbeat about the legalization of cannabis for recreational use in the state. They want to get involved in the industry and are looking for every opportunity to do so. They are also interested in knowing how tax will be collected and where the funds will be channeled to.

What about the legacy market?

The mayor reports that the state is devising ways through which the legacy market will be assisted to join the mainstream market. Such things need to be sorted out first before the recreational program can be rolled out, he added.

Will New York expunge marijuana related criminal records?

Already, New York has begun to put measures in place to expunge criminal records for non-violent marijuana offenses. In addition, the state is looking at creating different programs and incentives to incorporate communities that were targeted by the draconian marijuana laws into the legal cannabis industry.

How will the legal weed industry in New York be funded?

This has to be a public private partnership for it to work the way it should. For a start, you do not expect marijuana entrepreneurs to get funding from traditional banks. At least not before matters to do with the Safe Banking Act have been streamlined.

It will be important to partner with venture capitalists or other financiers such as philanthropists to get the industry started. The same goes for Rochester, the city can’t do it alone.

Marijuana retail sales in New York are expected to kick off in about a year. The New York market is expected to become the second-largest recreational market in the U.S, only second to California. However, in an interesting twist of events, almost 50% of New York municipalities have opted out of the recreational sales market. We promise to keep you updated on how events continue to unfold in the New York cannabis space.