Tuesday marks five years since New York state legalized recreational marijuana.
On March 31, 2021, then-Gov. Andrew Cuomo signed the Marijuana Regulation and Taxation Act into law, making it legal for adults 21 and older to buy and possess marijuana. Since then, dozens of dispensaries have been licensed and opened across the state, generating hundreds of millions of dollars in tax revenue and creating thousands of jobs.
But officials acknowledge challenges still remain, including a stubborn illegal market.
According to the state Office of Cannabis Management’s acting executive director, half of the state has opted out of having retail stores for now, meaning there’s still a lot of opportunity for the industry to grow.
Still, current cannabis business owners say they’ve faced a lot of challenges along the way, including high taxes and expensive fees.
“Five years ago, New York committed to building a cannabis market rooted in equity, safety, and opportunity and today, that commitment is delivering real results,” Gov. Kathy Hochul said in a statement last week. “We are creating new pathways for small businesses while aggressively shutting down illicit shops that threaten public safety and undermine our legal market. Our focus is clear: protect consumers, support legal businesses, and ensure this industry grows the right way.”