The fashion and beauty industries are wasting no time getting in the game now that marijuana is legal in New York.
On March 31, New York became the 15th state to legalize recreational cannabis. New Yorkers ages 21 and over can possess up to three ounces of concentrated cannabis. They can smoke it anywhere they can legally smoke tobacco, store up to five pounds of product, and grow up to six of their own plants. It will be some time before we see dispensaries and other legal retailers hit Manhattan or Ithaca—but the fashion and beauty industries aren’t sleeping on getting in on the Mary Jane game.
The New York market value is estimated at $4.6 billion, with market growth and demand projected to hit $5.8 billion in 2027. It will be the second-biggest market after California. Given the economics, it’s not a shock that there is interest from all sectors—including fashion and luxury.
– Read the entire article at Harper’s Bazaar.