New York Gov. Andrew Cuomo says legalizing marijuana will help plug the gaping economic hole left by COVID by creating 60,000 new jobs and $300m in tax revenue
- Cuomo included his vow to legalize marijuana in his State of the State address
- A bill has already been put before the New York House Senate to legalize it
- Past bills have suggested that marijuana sales be taxed at 18 percent
- Cuomo says NY State has to close a $15billion budget gap caused by COVID
- The state’s tax deficit has previously been put at $60billion
- Legalizing marijuana would only generate $3bn in economic activity
New York Gov. Andrew Cuomo has shared more details of his plan to legalize marijuana, which he says will help offset the economic damage done by COVID-19 by creating 60,000 jobs and $300million in tax revenue.
In his State of the State address earlier this week, Cuomo laid out how he hopes to push through the legalization plan.
‘New York will do its part, we will legalize adult-use recreational cannabis, joining 15 other states who have already done so.
‘This will raise revenue and will end the over criminalization of this product that has left so many communities of color over policed and over incarcerated.’
In a subsequent press release, his office said that it would ‘spur’ $3.5billion in economic activity, which would raise $300million in tax revenue.
In his State of the State address earlier this week, Cuomo laid out how he hopes to push through the legalization plan
He has not yet given a timeline for when it could become legal.
New York decriminalized cannabis possession in August 2019 but legalizing it as an industry would monetize it in way that has never happened in New York before.
Fifteen other states have legalized it.
Cuomo has championed marijuana-legalizing bills before but they have been rejected by the New York Senate.
Now, with an enormous $15billion budget gap and an urgent need to raise tax revenue, it is more likely to be passed.
New Jersey, Arizona, Montana and South Dakota all voted to legalize marijuana in the November elections.
The details of New York’s marijuana plan have not yet been ironed out but last week, Senator Liz Krueger filed an identical bill to one that was rejected last year that suggests all sales be taxed at 18 percent.
The bill is now being reviewed by the Senate Finance Committee.
The marijuana industry welcomed Cuomo’s comments with open arms.
‘New York has the opportunity to create a dynamic, long-lasting, vibrant and successful cannabis industry.
‘And luckily for New York, they have the experience of o many states that have come before them,’ Adam Goers, vice president of Corporate Affairs at medical cannabis provider Columbia Care, told Fox Business on Tuesday.
Fifteen states have legalized marijuana and others have loosened rules on it in the past