Five states legalized cannabis this year. But a top Wall Street analyst says it could take years for marijuana shops in states like New York to actually open.
this year. But a top Wall Street analyst predicted that it would be a long time before cannabis dispensaries opened in these states — years, in some cases.
Cantor Fitzgerald's Pablo Zuanic said in a Monday note that just three of those states — New Mexico, Connecticut, and New Jersey — would have recreational-cannabis sales before the end of next year.Gov. Andrew Cuomo has. Once that body is set up, it will need to create rules and host a public-comment period, iterate, and then launch the program.
"We model a rec start by 1Q23, but even that may be optimistic," Zuanic said. Still, he said he expected New York to sell $2.2 billion worth of legal cannabis in the first year of sales. With New York and other large states open, Zuanic expects marijuana sales in the US to double, from about $17 billion in 2020 to $36 billion in 2023, even without federal legalization, he said.
"Even without changes at the federal level, we think that the US MSO group should benefit from continued sales growth at the state level," Zuanic said, referring to multistate operators.
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