On Wednesday, both New York City Mayor Eric Adams and NY Governor Kathy Hochul revealed the economic benefits of legal cannabis during the international day for weed.
“The cannabis industry could be a major boon to our economic recovery — creating new jobs, building wealth in historically underserved communities, and increasing state and local tax revenue,” Adams said.
“Part of us building the strongest cannabis industry in the nation is making sure New Yorkers have relevant facts at their fingertips,” Hochul said.
“We remind all New Yorkers as they join 4/20 celebrations today that it’s never safe to drive high, you shouldn’t consume cannabis in disruptive ways, and cannabis can damage growing brains in youth,” Hochul added.
Sources said Adams is set to propose that the city spend $4.8 million to reach out to those most impacted, especially minority entrepreneurs impacted due to past usage.
The plan would help them learn about the industry and set up their new small businesses — things like navigating the licensing process and obtaining financing, among other areas.
According to reports, Adams’ economic blueprint will make the cannabis industry generate nearly $1.3 billion in sales this year alone and create around 20,000 jobs within three years.