The ban on polystyrene foam in New York has affected not only small businesses, but large corporate houses as well. Concerning this ban, Tyler Pearson, CEO of PaperNuts Corporation and Axiom Corp (OTCMKTS:AXMM) decided to discuss this issue recently. He also focused on peculiar ways to make the best use of the prevailing regulatory market conditions.
What Industry Leaders Have To Say About This Ban:
Recently, there was a legislation passed in New York that forcefully banned Expanded Polystyrene (EPS) foam. As per the government decision, no organization, store, establishments, and manufacturers can sell, possess or offer the services for polystyrene loose fill packaging or Expanded Polystyrene (EPS) foam articles. The highest impact of this decision will be on initiatives like packing peanuts, on which a lot of individual retailers and small businesses depend.
The Axiom Corp (OTCMKTS:AXMM) Chief Executive Tyler Pearson has stated that New York is the largest city in the country, which has banned the usage of polystyrene foam or foam packing peanut. If the regulatory data is taken into consideration, then one can see more than 100 jurisdictions across the country that has anti-polystyrene laws in place. If no strong step is taken, then many more jurisdictions will join this list and initiate the same anti-polystyrene laws in the near future.
Both PaperNuts and Axiom have active businesses which will be affected by this newly passed legislation in the New York. In order to counter the negative effect of this decision of the government, both of them look to expand their operations and make them more cost-effective, environment-friendly, and legally right to the local rules.
After this announcement, more than 30,000 tons of polystyrene garbage will be removed from the city, which will help it becoming more environment-friendly and greener than it is now. It’s an excellent step overall and will have long lasting effects on the city and various businesses running in this field.