A criminal record doesn’t always hurt
New York state’s plan to let people with past convictions for marijuana crimes become the first to sell it legally is admirable, but faces some major challenges.
The dynamic pits what’s now referred to as the “legacy market” of once-illegal sellers against the publicly traded multi-state companies, some of whom already sell medical marijuana in the state. It’s a group that includes big players such as Curaleaf Holdings, Green Thumb Industries and Acreage Holdings.
As New York becomes one of the world’s largest legal marijuana markets, the nitty gritty of its regulations will make or break the broader industry. Like California, where the industry is now asking for bailouts to beat back a still-thriving illicit market, New York has an entrenched network of marijuana dealers who don’t pay taxes or meet regulatory standards — helping them potentially undercut fledgling licensees.
New York’s decision to set aside the first 100 to 200 licenses to sell recreational marijuana for people with past convictions may upend that dynamic. It’s one of many initiatives across the country to bring those arrested for past marijuana crimes — disproportionately Black people — into the newly legalized industry and its profits. [Read more at Bloomberg]
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