NEW YORK, April 7, 2021 /PRNewswire/ — Last week, New York became the latest state to legalize recreational cannabis, and in doing so is now expected to become one of the nation’s largest markets. New York’s new law to tax and regulate cannabis includes various major provisions designed to create a diverse business mix of large and small operators, and it will invest 40% of the anticipated tax revenue into underserved communities, expand medical marijuana access and allow for businesses such as delivery operations and cannabis cafes. All in all, New York State has the potential to become one of the largest legal cannabis markets. According to Marijuana Business Daily, a cannabis industry financial resource, an adult-use market in New York would generate USD 2.3 Billion in annual sales by its fourth full year. Cannabix Technologies Inc. (OTC: BLOZF) (CSE: BLO), Aphria Inc. (NASDAQ: APHA), Curaleaf Holdings, Inc. (OTC: CURLF), Cresco Labs Inc. (OTC: CRLBF), Organigram Holdings Inc. (NASDAQ: OGI)
Medical cannabis products are still more popular in the United States when compared to products for recreational use. After the U.S. passed the Farm Bill in 2018, hemp-derived CBD products became increasingly popular among consumers. Many used such products to help alleviate medical symptoms such as chronic pain, depression, stress, anxiety, and insomnia. Therefore, in recent years, doctors throughout the U.S. started prescribing patients with CBD to treat their ailments….