With New York being set to legalize recreational cannabis, local cannabis businesses are now at the forefront with state regulators on how this will be implemented in the coming year.
Among the cannabis businesses preparing for recreational sales to begin are hemp farmers and growers, many of whom are ready to begin growing marijuana after CBD plant prices have depreciated over the past few years.
The current legalization plan includes providing funds and licenses to “social and economic equity” applicants. Among these include lower-income farmers and cultivators. Many of them are now waiting for businesses to be licensed to sell cannabis in order to begin the cultivation of cannabis for such companies.
Likely Increase in Legal Cannabis Cultivation After Recreational Legalization
While it will still take months until regulators have introduced rules and regulations to the budding cannabis industry, estimates from the New Frontier Data suggests that statewide production of legal cannabis in New York will soar up to 1.3 million pounds by 2025.
However, much of this will depend on the regulations themselves. Among the regulations that will impact cannabis cultivation include costs of acquiring licenses, indoor and outdoor growing regulations and the amount of time it will take for state regulators to come to an agreement on such rules.
Wait for Regulations Likely Not Too Long
While cannabis farmers wait for the end result of these talks, lawmakers have suggested that this might be sooner than expected. Experienced in the cannabis industry, attorney Karl Sleight expects that regulations will be made clearer by Labor Day.
Regardless of the deadline, the excitement to begin marijuana cultivation can be felt among hemp farmers across the state.
“It might take a little time and the road will be bumpy, but ultimately, this will be a good thing for farmers around the state of New York” said Allan Gandelman, president of the New York Cannabis Growers and Processors Association.
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