(NewsNation) — New York’s first recreational marijuana dispensary is set to open its doors Thursday.
It’s been more than 19 months since former Gov. Andrew Cuomo signed legislation legalizing marijuana in New York. Now, just off the campus of New York University in the city, Housing Works, a minority-controlled nonprofit, will be a part of history as it opens the first-ever legal recreational cannabis dispensary in the state. The first public sale is set for 4:20 p.m. ET, following a press conference set at 11 a.m.
Housing Works got one of the state’s first licenses to legally sell recreational marijuana.
The organization is known for operating thrift stores across the city, with proceeds going to benefit New York’s homeless population as well as those living with HIV or AIDS.
All of New York’s initial licenses went either to proven nonprofits or individual entrepreneurs with prior marijuana convictions.
“The industry will continue to grow from here, creating inclusive opportunity in every corner of New York state with revenues directed to our schools and revitalizing communities,” current New York Gov. Kathy Hochul has previously said.
New York is expected to issue an additional 139 licenses, with about 900 applicants waiting to learn their fate in the coming months.
“Revenue from cannabis sales will be reinvested directly into the communities that need it most. This is a major step in our path forward,” New York state’s Office of Cannabis Management said on Twitter.
According to Spectrum News 1, the office expects the state’s cannabis market to reach $4.2 billion by 2027, and create up to 60,000 jobs.