All the Governor of New York can do is wave goodbye as he watches tax dollars leave his state. But this could be the sign of an enormous change coming very soon. Here’s what I mean…
The “Lincoln Tunnel Race” has stalled – at least for now.
As I recently reported, New Jersey abandoned its legislative efforts to legalize recreational cannabis in favor of a ballot question in the 2020 elections.
While New York Governor Andrew Cuomo still claims “we’ll get it done this year,” he openly admitted it was an increasingly difficult task, and a referendum next year looks likely for his state too.
But even if Cuomo won’t be fearing plates stamped with “EMPIRE STATE” taking tax dollars south on I-95, he’s far from out of the woods.
Connecticut could be on the verge of going legal, posing a significant threat just to the north.
And we now have proof that New York residents are willing to drive even further in search of recreational cannabis.
A Road Trip to Legal Cannabis
The town of Great Barrington, Massachusetts is about 130 miles from New York City.
But that distance isn’t stopping New York residents from taking a 2.5-hour drive to Theory Wellness, the state’s first recreational dispensary – and also the nearest place to buy legal adult-use cannabis for anyone living in the “Big Apple.”
According to Crain’s New York Business, New York City’s premier insider business publication, since beginning recreational sales in mid-January, half of the 50,000 dispensary customers traveled from New York State, and a quarter came from the New York metropolitan area.
“Our business is drawing 1,000 people a day into town, about 90% of whom would otherwise not be here,” Theory Wellness CEO Brandon Pollock reported. “You see folks from New York City doing aggressive carpooling, with four or five people packed into a Zipcar.”
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This trek is proof that consumers want legal, consistent, and safe products. One Brooklyn teacher said, “I know a dealer, but I don’t know where [his product] is coming from.” He went on to share his frustration about needing to drive so far, asking: “Why do I have to drive 140 miles to come here? I’m just trying to get a little pain management.”
Still other New Yorkers are using the trip as an excuse for mini-vacations, staying at bed-and-breakfasts away from the hustle and bustle of the big city while enjoying fully legal cannabis.
And as difficult as it may be for Governor Cuomo to watch his constituents cross the border and turn their hard-earned money into Massachusetts tax dollars, he should be taking heart.
The Coming East Coast Mecca
If a recreational dispensary can put a place like Great Barrington on the map, imagine what will happen when New York finally approves adult-use cannabis.
I’ve written a lot recently about how Las Vegas is the most important market to enter for any cannabis company hoping to become a national player.
Eventually, we’re going to be saying the same thing about a city on the East Coast. If New York can get its act together, it could become the premier cannabis destination on the Eastern Seaboard.
With the passage of adult-use cannabis in Illinois just last Friday, Chicago is lining itself up as the Marijuana Mecca of the Midwest. We’ll have more on that in a later Cannabis Profits Daily piece.
If New York bungles an eventual legalization process, it could hand that honor over to New Jersey, giving Atlantic City a much-needed shot in the arm.
The Lincoln Tunnel Race isn’t off – it only hit a speedbump.
We’ll be watching these developments closely to make sure we can tell you how to turn this progress into potential millions.
And before I go today, I want to let you know about one more situation we’re going to be following very closely.
The Beginning of a Regulatory Shift
On Friday, the FDA held its first-ever public hearing on CBD.
Some of it was predictable.
Representatives from the pharmaceutical industry of course want heavy regulation of CBD products.
Food and supplement company representatives naturally want complete freedom.
But it was the individuals benefitting from CBD who told the most compelling stories.
This hearing marks the beginning of major changes in regulation, with decisions scheduled to arrive in July. There were over 100 speakers during that hearing, so we’re still making some calls and conducting additional research to make sure we deliver you the most thorough analysis possible. You can expect my full report on the hearing tomorrow.
As this process continues, I want to show you the plays with the best potential to use these new regulations as a springboard to enormous profits.
I hope you’ll join me.
Executive Director, National Institute for Cannabis Investors
P.S. Even if cannabis doesn’t receive full federal legalization, the industry is projected to hit $50 billion within five years. However, our experts believe it is a matter of “when” not “if” cannabis becomes federally legal. Fact is, we could be looking at a $100 billion industry practically overnight once the federal government gets on board – and that’s just in the United States. Getting in on this industry before legalization puts the power in your hands to make a fortune, and we have four stocks that could bring you 1,000% – or more – gains. To learn more, go here now.
12 responses to “Andrew Cuomo’s Nightmare Has Come True”
June 03 2019