New York State’s approval of cannabis could give these three companies a boost

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The Empire State’s recent acceptance of adult-use cannabis will lead to big gains for some companies

As is now common knowledge, New York State has recently joined the list of other states where recreational marijuana is legal. This comes after the Senate passed the legislation on Tuesday night. Now, it is not only the state and adults who stand to benefit from this new legislation, but also some of the industry stocks that are currently active in the state that could reap unparalleled benefits.

This has already happened in other states such as Arizona and Illinois, where companies that were already well established concerning marijuana sales are the ones taking a large portion of the profit. In New York, the number of medical marijuana businesses has been reduced to just 10, and each is entitled to four licenses. However, of all the current companies, three are the most prominent with respect to market penetration, including Curaleaf Holdings, Green Thumb Industries and Columbia Care.

The advent of marijuana legalization in New York positively affects Curaleaf, as the company has a strong focus on the Northeast. Joe Bayern, CEO of Curaleaf, said, “New York has the potential to be one of the most vibrant cannabis markets in the U.S., and proposals to legalize adult-use need to be focused on ensuring that the state can achieve considerable tax revenue, job creation, and social equity benefits as soon as possible.”

Concerning Columbia Care, headquartered in New York City, undoubtedly gives it a local advantage, as it would find it easier to try to grow business in the state. The company reported revenues of $197.9 million last year, representing a 151% increase year over year.

And finally, Green Thumb is another large multi-state operator, which has made a big splash in the New York medical marijuana market after buying Fiorello Pharmaceuticals in 2019. Like the two aforementioned companies, its stock was great, and now with legalization coming to New York, it’s hoping to boost its value even more.