In timing with the 4/20 holiday, New York City Mayor Eric Adams made a befitting announcement to the public.
Eric Adams' Proposed Plan
In order to get the ball rolling, he has presented the notion for the city to spend $4.8 million to help these community members “learn about the industry and set up their new small businesses—things like navigating the licensing process and obtaining financing, among other areas,” according to the outlet.
“Now is the time for our city to make proactive investments to ensure the people disproportionately impacted by the criminalization of these substances can reap the benefits of the new industry,” he said in a statement.
Adams’ push for his proposition comes after New York legalized adult recreational marijuana for adults 21 and over in March 2021. With the move for recreational sales, aspiring marijuana entrepreneurs are looking at what could be a reported $1.3 billion industry in New York City during its first year, per estimates from City Hall.
Eric Adams' Vision For NYC
Another avenue to explore, that has been high on the Mayor’s list, is getting New York City to become the center of the cryptocurrency industry.
As previously shared by AfroTech, Adams wanted to transform New York City into a crypto hub and went on to get it its own digital coin — NYCCoin — which was activated by CityCoins last year.
“We’re glad to welcome you to the global home of Web3! We’re counting on tech and innovation to help drive our city forward,” Adams shared via Twitter ahead of the mining.