The New York State Legislature Tuesday night voted to make New York the 16th state to legalize the recreational use of marijuana by adults. Only Governor Cuomo’s signature is needed to make the bill law, and the Governor has issued a statement saying he looks forward to signing it.
The Marijuana Regulation and Taxation Act sets up an office equivalent to the State Liquor Authority for marijuana and decriminalizes both marijuana usage and possession of small amounts. The Cannabis Control Board will set up a framework for a regulated marijuana industry in New York, with licensed producers growing the drug and licensed dispensaries selling it.
The program includes loans, grants and incentives for people from communities disproportionately affected by anti-marijuana laws to get involved in the new industry, as well as small farmers.
Tax collections from adult use are expected to generate up to $350 million in new tax revenues per year, which will be shared between the state and local governments.