MarketPulse
BUDDING EMPIRE STATE
New York blazed ahead this week after Gov. Andrew Cuomo signed a bill that will eventually allow recreational-use marijuana sales. New Yorkers over the age of 21 can now possess up to 3 ounces of cannabis. Unlike all other states that have legalized recreational marijuana, New Yorkers can now smoke cannabis in public, including on sidewalks. The state will also start automatically expunging criminal records of individuals convicted of some marijuana-related offenses. Sales won’t become legal for about 18 months as the state draws up regulations. Trade publication Marijuana Business Daily estimates that New York could become the largest marijuana marketplace on the East Coast — generating a potential $2.3 billion in annual sales by its fourth year.
BLOCKBUSTER SURPRISE
The last Blockbuster video rental store on the planet was a bit busier in March. A Netflix documentary called “The Last Blockbuster” aired March 15, garnering attention for the Bend, Oregon shop, a last vestige of the time before “streaming video” meant anything. People from all over the world have sent flowers and called the store just to say “thank you” for staying open. In the backroom, staff members have been busy packaging thousands of orders for locally made
Blockbuster T-shirts, hats and face masks. In its heyday, Blockbuster Video had 9,000 stores around the world, but it struggled with the rise of on-demand streaming services such as Netflix.
STUCK IN THE MIDDLE
Airline passengers face a return to getting stuck in the middle again as travel demand picks up. U.S. airlines have resumed assigning middle seats after having blocked them out during the pandemic to try to conform with social distancing rules. Delta Air Lines will end that policy in May, making it the last U.S. airline to do so. Air travel in the United States is recovering from pandemic lows, with more than 1 million travelers a day going through airports for much of March. The numbers are rising ahead of the crucial summer vacation season, and airlines are eager to boost revenue as quickly as possible.