Talks about how marijuana should be priced and taxed in NY have started, and it’s already not looking good for the customers.
Cannabis is by far the most popular drug in the world, except maybe for alcohol and cigarettes. Now, it’s about to become legal in one of the biggest cities in America.
The state of New York is home to nearly 20 million Americans, and it may soon become the bastion of cannabis on the East Coast of the United States.
According to one report, nearly 60% of New Yorkers support legalizing cannabis and regulating its sales to the public.
Pricing will be tough
In an attempt to better understand its residents, the state financed a study which detailed their habits in regards to cannabis use.
According to this study, New Yorkers buy anywhere from 6.5 to 10.2 million ounces of weed a year. The study also said that the price varies from $270 per ounce of medium quality weed to $340 per ounce for high quality flowers.
However, experts also pointed out that the pricing of the black market doesn’t indicate that the prices will stay the same, or won’t adjust to the prices of the legal market.
In Colorado, the price of a pound in 2015 peaked at $2,000 USD while in 2018 it dropped below $900 USD.
Experts noted that during that time, Colorado was the only state with legal marijuana in the area, while New York is heavily surrounded with states that have legalized marijuana in some form.
According to an ACLU report, black people in America are almost four times more likely to be arrested for marijuana possession than their white neighbors, in spite of similar rates of consumption across all racial groups.
Legislators are in the midst of talks in regards to how cannabis should be regulated, and black lawmakers insisted that the black community be included in the estimated $3 billion USD industry, otherwise they would protest the legalization.