Photo: Larygin Andrii via Adobe Stock The Legalization of Cannabis in New York and the Need for D&O Insurance Coverage
As both the number and type of New York businesses in the legalized cannabis industry continue to grow, their need for insurance coverage will only expand.
May 21, 2021 at 02:40 PM
5 minute read
On March 31, 2021, Gov. Andrew Cuomo signed Senate Bill S854A to enact the Marijuana Regulation and Taxation Act, making New York the 16th state, along with the District of Columbia, to legalize adult-use cannabis. The potential implications of this Act on the economic and social landscape of New York state are staggering. The legal cannabis market in New York state is expected to capture $1.2 billion in sales by 2023 and the state expects to eventually collect $350 million in annual revenue.
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