Marijuana legalization campaigns have stopped as the US continues to face the global coronavirus pandemic. New York Governor Andrew Cuomo strongly supports marijuana legalization. He has urged legislators to include legalization in the annual budget. However, the coronavirus pandemic has caused a delay with everything globally. Many lawmakers think that New York should delay marijuana legalization due to the current situation. One of New York’s key senators said that it isn’t necessary to rush marijuana legalization amid the pandemic.
New York Won’t Rush Marijuana Legalization
A Marijuana Moment article discussed that Senator Liz Krueger thinks that New York needs to deal with the public health crisis amid the pandemic. She doesn’t think that advancing with the legalization plans before the April 1 deadline will be possible. Lawmakers in New York and the governor want to end marijuana prohibition. However, they don’t want to rush marijuana legalization amid the current crisis. Krueger thinks that it would be better to delay marijuana legalization until the pandemic is over.
Since January, the governor has stressed that legalization would happen this year. Many lawmakers even wanted to expedite the process due to coronavirus. However, Krueger said, “If that cannot be achieved in the midst of a public health crisis, then we will all be better off waiting. There is no reason we cannot negotiate and pass a nation-leading legalization model when the crisis is over.” Many Republican lawmakers are also opposed to the idea of focusing on marijuana legalization right now.
Assemblyman Robert Smullen said, “Now, in the midst of the public health crisis over the coronavirus, the governor’s budget proposal maintains that the legalization of marijuana is a major policy priority.” He also said, “Since when did encouraging more people to smoke become a major budget priority? And this needs to be passed in a real health crisis?”
Amid these difficult times, the marijuana industry seeks business relief from the federal government. Currently, marijuana isn’t legal under federal law. Many medical cannabis groups have urged lawmakers to let medical cannabis dispensaries open for patients during the pandemic. To know more, read Medical Marijuana Groups Seek Help amid Coronavirus Chaos.
Cannabis Stocks Performance Amid Rising Sales
It appears cannabis in New York is still a dream for people in the state. Meanwhile, states that have legalized cannabis have seen a spike in marijuana sales. Some states said that medical cannabis is an essential item, which led to a surge in sales. Cannabis stocks benefitted from a spike in sales. Last week, the struggling cannabis sector outperformed the broader equity market. The ups and downs in the cannabis sector have continued since market volatility is high. However, many analysts have bullish views on cannabis stocks. Recently, Bank of America upgraded Aphria (APHA) and OrganiGram (NASDAQ:OGI). On Monday, Aphria closed with a gain of 1.2%, while OrganiGram stock lost 4.4%. Meanwhile, Canopy Growth (NYSE:CGC)(TSE:WEED) gained 5.6%, while Aurora Cannabis (NYSE:ACB) lost 6.4% on Monday.
