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CBD should move 1.2 billion dollars on the New York market in 2023

CBD should move 1.2 billion dollars on the New York market in 2023

The legalization of the social use of marijuana for adults over 21 in the state of New York, approved on March 30th of this year, can make way for a $1.2 billion market in 2023 - when the implementation of this new legislation should be finished. 

A study produced by MPG Consulting for The New York Medical Cannabis Industry Association shows that the value of yearly sales will reach $4.2 billions by 2027. The calculation includes revenue from the medicinal use of the plant.

“The cannabis industry has faced several challenges over the past years, none of them as potentially disruptive as the coronavirus pandemic. Our previous prediction was conservative, based on the expected economic consequences of the pandemic, but the industry hasn’t only survived, it has prospered and legal cannabis has gained considerable ground” said Micah Tapman, CEO of BDSA. 

The report points out that one of the effects of legalization will be taking down the illegal market. The value of unregulated sales should drop from $3.4 billion in 2023, to $1.6 billion in 2027. The consultancy does not estimate the value moved by the current clandestine market in the state. 

It’s important to remember that New York is the 16th American state to allow the adult use of cannabis. Washington DC also allows the social use of the plant.