On Friday, November 8, the Saratoga County Chamber of Commerce hosted an “Educational Forum on the Economic Impact of Cannabis,” at SUNY Adirondack’s Saratoga Springs-Wilton Campus.
This was an effort solely to educate our members on the economic impact of current laws regarding cannabis and what might happen within our local and regional economy should New York State decide to legalize adult-use cannabis.
Kaelan Castetter, CEO of the Castetter Sustainability Group, was the keynote speaker. His 45-minute presentation was entitled “A Green Rush in the Empire State.”
He defined cannabis as a plant that has been found with some of human’s earliest civilizations. He noted that there are many uses of cannabis from recreational, to medical and even industrial.
Hemp which is a form of cannabis is legal federally and in New York State. Hemp is being grown, processed, and manufactured for a range of uses right here in Saratoga County and the region.
If you look closely, we can all see hemp products at specialized stores, like Saratoga CBD, as well as on big box store shelves, local health food stores and restaurants, and some area breweries.
Just look for signs that say CBD or cannabinoid or help. CBD is derived directly from hemp plants.
New York State has also legalized medical cannabis. Medical cannabis is available only for licensed patients at highly regulated dispensaries.
Recreational or “adult-use” cannabis has also been decriminalized in New York, but it is still illegal to produce, distribute or use.
“Every day, there are more CBD products sold than the day before,” Kaelan Castetter told the audience. “Retail sales of hemp products are surging. Investment in production, processing, and brands has surged and the licensed acreage of hemp farms has increased significantly.”
The uses for hemp fiber are expanding into textiles, building materials, and insulation. It can also be processed as a super food incorporated into protein powders, toasted seed snacks, and energy bars.
Local business owners, Rich Tayler of Land Craft Wellness and Ella DiPietro of Saratoga CBD who led a panel discussion at our forum, shared with attendees that their firms are already growing hemp, producing local hemp products, and selling them locally.
If New York State does move to legalize cannabis, they hope that it does so in a way that allows local farmers and locally owned specialized stores and distributors to compete with the national brands. They suggested New York create a micro-license for cannabis that would be similar to how the state has proactively helped micro-breweries, distilleries and wineries to succeed and thrive.
John Tayler, the President of the Boulder Regional Chamber of Commerce in Colorado, took part in this forum via video conference. “This is a serious business,” noted Tayler. “The entrepreneurs in the cannabis industry operate sophisticated businesses. These organizations fit within Colorado’s image as an open, innovative and creative place to live and work.”
The Rockefeller Institute estimates that cannabis could be a $3.7 billion industry in New York State. A report they issued earlier this year found that if New York State legalizes cannabis that this industry could create 23,700 to 30,700 jobs.
For those who were unable to attend this educational forum, the Saratoga County Chamber of Commerce did film it. You can watch it in its entirety on the Chamber’s Facebook page at www.facebook.com/saratoga.chamber.
