AGENCY TESTIMONY
Introduction and background on IBO's cannabis research
2:16:38
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49 sec
Alaina Turnquist, an economic development budget and policy analyst from the NYC Independent Budget Office (IBO), introduces herself and provides context for her testimony. She mentions recent IBO reports on the potential size of NYC's legal cannabis market and legislative changes.
- IBO published a report in August 2023 estimating the potential size of NYC's mature legal cannabis market
- An update to these estimations was made in May 2024
- IBO also published a report on recent legislative changes affecting cannabis in NYC
Alaina Turnquist
2:16:38
Hi.
2:16:39
Good morning.
2:16:39
Chair Brandon, Chair Brewery, and members of the finance committee and oversight and investigation committee.
2:16:45
I am Elena Turquoise, economic development budget and policy analyst for the New York City budget office, independent budget office, IBO, I am joined here today by my colleague, Brian Kane, assistant director of housing, environment and infrastructure.
2:16:59
In August of 2023, IBO published a report estimating the potential size of a mature legal cannabis market in New York City.
2:17:08
In May of 2024, IBO updated these estimations using more recent data.
2:17:13
IBO also recently published a report discussing important changes from the last session of the state legislature, including changes to cannabis relevant to the city.
2:17:22
My testimony today will highlight key takeaways from IBO's cannabis focused research.
