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All Eyes on New York as Legalization Looms: Cannabis Weekly

  • New York’s $3 billion market will be second only to California
  • State is seen as a testing ground for social-equity measures

New York’s recreational marijuana market is poised to begin with a big splash -- and it’s one that may well ripple around the world, according to speakers at a packed “Business of Cannabis: New York” conference last week. 

The state’s industry, which is expected to begin licensed sales around 2023, will see revenue of $1.1 billion within the first year, said Cy Scott, chief executive officer of cannabis data company Headset Inc. Initially, sales will be driven by regular cannabis consumers jumping into the legal market from the thriving illicit one, he said during a presentation at the Rainbow Room in Manhattan.