The deal is expected to close in the first quarter of 2019.Ĭolumbia was selected to be one of five licensees in Virginia and became the first U.S. The companies agreed that CGGC would be valued at C$60.7 million and that Columbia Care would be valued at US$1.35 billion. In October it was announced that the two companies would combine. Next in line for number of permits is Columbia Care, which is expected to go public in the first quarter of 2019 following a merger with Canaccord Genuity Growth (CGGC), a special purpose vehicle. The company was trying to move inventory to meet a New York deadline and the move was exposed due to a whistleblower.
Vireo is still making headlines as formers executives were set to go to trial at some point this year for smuggling cannabis oil from Minnesota to New York. Although it did raise $17 million back in August and the company said that it was planning on going public at some point. Vireo is a physician-led multi-state medical cannabis company, that says “It is committed to safely alleviating pain by providing patients with best-in-class cannabis products and compassionate care.” Unfortunately for investors, this company is still private.
Who is poised to capitalize on the New York market? Cannabiz Media is a company that tracks license holders in states around the country. Next comes the question investors want to know. 67) in the first half of 2018, compared to the prior year. New York is now third in terms of gross domestic product and is experiencing a “surge in medical marijuana job postings,” with the study saying it could hold “the most potential for overall growth in the sector.” New York experienced two times more job postings (155 vs. A study, published by Joblift, shows that cannabis growth in California is “steadily declining,” while New York State is experiencing strong growth. The company said it was reviewing locations in the Southern Tier region of New York State and said it would announce the winner within 100 days.Ĭuomo is under pressure to create jobs in depressed areas in upstate New York and cannabis jobs fit the bill. “I applaud the political leadership at the federal and state level that has allowed today’s announcement to become reality,” Canopy Chief Executive Officer Bruce Linton said in a statement. after the Canadian cannabis company was granted a hemp license by New York state. after getting a license to grow hemp by New York.Ĭanopy Growth Corp. will spend as much as $150 million to build its first production facility in the U.S. Just this week, Canopy Growth (NYSE: CGC) said it was going to spend $150 million to build its first production facility in the U.S.
The tax revenue and jobs from fully legal cannabis would be a big boost to some of the needy areas in the state. The efforts by Cuomo as expected to be approved in Albany. “Let’s legalize the adult use of recreational marijuana once and for all,” he added.ĭuring the midterm elections, the New York State government shifted to Democratic control and it was expected that the new lawmakers would fully legalize cannabis. The biggest market is California, followed by Colorado and Florida respectively. This would be the fourth biggest market in the U.S. Some lawmakers have even suggested this money could be used to fix the troubled subway system.Ī new report from ArcView and BDS Analytics is estimating the New York cannabis market could reach $1.6 billion by the year 2022, a big jump from the expected $263 million in sales for 2018. In terms of tax revenue, legal cannabis could generate up to $436 million for New York state and $336 for New York City. According to the report, the New York State cannabis market could see up to $3.1 billion in annual sales, with up to $1.1 billion being generated in New York City alone. On May 15, 2018, New York City Comptroller Scott Stringer published a report estimating the potential size of the state’s legal cannabis market and how much tax revenue it would generate for both the city and the state. He also said that law enforcement “for too long targeted the African-American and minority communities.” In December the Governor said, “The fact is we have had two criminal justice systems: one for the wealthy and the well-off, and one for everyone else.
Cuomo did note that consumers would need to be over the age of 21 and he was very supportive of towns cities having the ability to opt out of allowing cannabis businesses. Of course, New Jersey also said it would legalize adult use cannabis but then found it has taken much longer to make adjustments to the rules and regulations of a conservative medical cannabis program.
The governor did not provide a lot of details but suggested it would continue to be a restrictive program. New York State Governor Andrew Cuomo announced his plan to legalize adult use cannabis in 100 days. These Are The Top New York Cannabis Companies