Clear signs that NY, NJ will lead the cannabis industry
NEW YORK (PIX11) – According to industry analysts, the Tri-States are on track to become the largest legal recreational marijuana market in the country. In an effort to match that potential, a National Marijuana Marketing Expo is being held here in New York at the Jacob Javits Center, one of the nation’s largest convention centers. New York Mayor Eric Adams also acknowledged the potential size of the market on Friday.
Adams made brief remarks from the speakers’ podium. “Light up, but above all, spend money. We want your money,” Adams said.
The amount of money the industry is poised to generate is staggering, according to analysts and industry advocates.
One of them was someone known for more than just growing cannabis, although that is also part of his past. Redman is a rapper best known for being part of the duo Method Man & Redman. He is also an actor who has starred in a variety of movies and TV series. He is now one of the founders of the National Cannabis Party, which advocates for the legalization of marijuana in states and nationally.
Redman called our region a potential cannabis sales juggernaut. “It will be the biggest market in the country, New York and New Jersey – the whole East Coast.”
New Jersey began the legal sale of recreational marijuana in April. The state reported sales of $24 million in the first month they were allowed. At this rate, cannabis retailers in New Jersey could bring in $288 million in a year, and the state is on track to increase the number of retailers during that time.
Analysts predict that the legal marijuana industry in New York should be worth $1.3 billion a year, once legal sales are made. It’s expected by the end of this year, well after more than a dozen and a half states have legalized the sales.
New York’s late entry leaves room for perfection, an industry leader says.
“We say brands are born in California but made in New York,” said Gretchen Gailey, director of strategy for the Cannabis World Congress and Business Exposition, the marijuana marketing expo at the Jacob Javits Center, which runs until Saturday evening.
“Real money is going to come to this part of the country,” she continued from the expo floor. “That’s where the population of the United States is.”
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