New York Cannabis Market Is About to Get a Shot of Steroids Thanks to Andrew Cuomo's Resignation

Up here in North Country, there's never been a lot of love for Andrew Cuomo.

In fact, it's one of the few things I've seen people from both sides of the aisle agree on.

I found out about the New York governor's resignation through Facebook, where friends and colleagues were celebrating as if it were New Year's Eve - or at least the kinds of New Year's Eve celebrations we used to have before COVID.

In any event, while most folks were cheering Cuomo's resignation, I was cheering a new investment opportunity that will arise from the end of the Cuomo governorship.

Legalization Just Got an Upgrade

It's no secret that Andrew Cuomo was never a fan of cannabis legalization.

He fought it for years and really only came around to accepting it after COVID left New York with a massive unemployment problem and a $15 billion budget deficit.

And even then, he dragged his feet on legalization by not prioritizing it in his budget plans or even making a legitimate effort to get the state's Cannabis Control Board off the ground. Basically, he was just trying to run down the clock in an effort to stall the inevitable: a legal cannabis market in New York.

Truth is, the first time Cuomo openly considered legalization was when former candidate Cynthia Nixon made it a priority of her campaign. When his people saw the poll numbers on this issue, they knew he had to at least act like he cared about legalization.

But I digress.

My point today is not to criticize the former governor. Trust me, there's plenty of that coming.

Instead, I want to focus on the progress that is now underway with Lt. Gov. Kathy Hochul preparing to step in.

Three Pot Stocks to Buy on Cuomo's Demise

While a lot of folks are talking about Hochul being the first female governor of New York, I'm more excited about seeing the first New York governor to fully embrace legalization.

You see, while Cuomo faked interest in legalization, Hochul embraced it as an opportunity to generate tax revenue.

While I'd prefer to see her embrace it for more honorable reasons (e.g., prohibition is a violation of personal sovereignty, it has emboldened those who wish to violate human rights, and it's been one of the root causes of our broken criminal justice system), I'll take a legal New York market any way I can get it.

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And make no mistake: Hochul needs a win, and fast. I suspect this will be a priority for her as it will allow her to rapidly get some of that filthy tax lucre into the coffers. It's also a big vote-getter in New York, where 60% of registered voters favor a legal, regulated cannabis market.

I suspect it's even higher now, as that poll was conducted over a year ago. Some estimates now put it at closer to 70%.

This is a no-brainer for Hochul, and I suspect she won't waste much time jumping on this.

Now, while this is not a federal legalization issue, which would absolutely send cannabis stocks to the moon, it's still one of the most lucrative cannabis markets in the world, with projections showing sales reaching $3.7 billion in just three years. In addition, a legal cannabis industry in New York is expected to generate as many as 60,000 jobs and more than $350 million in tax revenue.

This isn't rocket science, and Hochul isn't stupid.

As far as I'm concerned, with Cuomo out, the legalization of cannabis in New York is about to get expedited, and you should take full advantage by getting some exposure to some of the public cannabis companies that have footprints in New York.

These include but are not limited to:

You can read more about those stocks here.

No matter your thoughts on Andrew Cuomo or cannabis legalization, there's about to be a huge run on some of these cannabis stocks. So if you haven't already, I would advise you to get a piece of this action now.

To a new way of life and a new generation of wealth...

Jeff Siegel@JeffSiegel on Twitter

Jeff is the founder and managing editor of Green Chip Stocks, a private investment community that capitalizes on opportunities in alternative energy, organic food markets, legal cannabis, and socially responsible investing. He has been a featured guest on Fox, CNBC, and Bloomberg Asia, and is the author of the best-selling book, Investing in Renewable Energy: Making Money on Green Chip Stocks. For more on Jeff, go to his editor's page.