$1 billion in sales and thousands of jobs

INC. THIS MORNING $1 billion in sales and thousands of jobs Good morning, Last week, a bill passed in New York that could have major ramifications nationwide: The country’s fourth-most populous state legalized recreational marijuana use. The new law, the Marihuana Regulation and Taxation Act, provides a framework for a statewide adult-use cannabis industry that quickly could become one of the world's largest--an exciting prospect for legions of businesses that are poised to expand operations in the state. Retail sales could begin as early as spring 2022, and the legal market's first year of sales could deliver an estimated $1 billion in sales, with the potential to reach $4 billion by the end of the decade. Notably, the bill's "social equity" clause creates significant opportunity for small business owners and aspiring founders. It recommends that 50 percent of cannabis licenses go to minority- or women-owned businesses, distressed farmers, or service-disabled veterans. Functionally, the clause could prevent large cannabis companies from immediately eating up too much market share--presumably helping local mom-and-pop shops compete with behemoths. If New York can foster a healthy competitive business landscape while funneling significant new tax revenues into the post-Covid economic recovery, experts say, many other states could quickly follow suit. It’s easier said than done. Read our story to learn how New York plans to achieve that goal, including some surprising opportunities for any entrepreneur hoping to join the fray. HERE'S WHAT ELSE I'M READING TODAY: More than 400 (and counting) small-business leaders across the country have pledged to champion Covid-19 vaccinations in their workplaces and communities. --Inc. The Paycheck Protection Program has a problem: It’ll likely run out of money before the May 31 deadline. --CNBC Fintech startup Plaid’s newest fundraise pushed its valuation to $13.4 billion, a year after San Francisco-based startup was almost acquired by Visa. --CNN Hybrid workplaces are going to be the best way forward, according to a new survey. Here’s why. --Inc. ONE MORE THING: Shifting to a four-day workweek isn’t as simple as you might think. Here’s the only way to make it work. --Inc.   --Cameron Albert-Deitch Reporter, Inc. How are we doing? Send me ideas and feedback at calbertdeitch@inc.com, and sign up for daily text messages from me. Become an Inc. Unlimited subscriber. Click here to forward to a friend. This email was sent by: Mansueto Ventures 7 World Trade Center, 29th Floor New York, NY, 10007, Unsubscribe • Update Profile • View in Browser • Privacy Policy