Marijuana Legalization Looms in New York as Deficit Balloons



BY:

The debate over legalizing marijuana for adult, recreational use in New York has been brewing for the last two years after Democrats took control of the state Legislature, but disagreements on the issue coupled with a global pandemic have kept it out of reach for lawmakers.

That could change next year as the Legislature returns to Albany, but Democrats still remain divided on certain aspects of the issue that are likely to complicate negotiations.

Chief among them is what the state will do with the tax revenue from the marijuana industry, which is expected to generate around $300 million annually when the program is stabilized, according to projections from the state.

Democrats leading negotiations on the issue in the Legislature have backed a bill, called the Marijuana Regulation and Taxation Act, that would earmark half that revenue to be invested in communities where the state’s drug laws have been enforced at higher rates.

The legislation is sponsored by two of the most influential Democrats in the state Legislature: Assembly Majority Leader Crystal Peoples-Stokes, D-Erie, and State Sen. Liz Krueger, D-Manhattan, who chairs the Senate Finance Committee. [Read more at Times Union]

BY:



More from our Blog

Jan 18
At Last, Mexico Publishes Medical Cannabis Regulations

Last week, our neighbor to the South took a significant step forward in cannabis…

Jan 17
4 Things To Consider When Looking For A Medical Cannabis Doctor

Finding the right medical marijuana doctor might take some time and patience. Here are…

Jan 17
Will Cannabis Tourism Lead The Way To Economic Recovery?

The events of recent months – which, at no risk of ambiguity, will not be…

Jan 16
What To Know Before Giving Your Pet CBD

Pets are family, and their humans want to do everything they can to help them. So, as…

Jan 16
Cannabis Grower Released from Life-Sentence, Says More Prisoners Should Go Home

CANNABIS CULTURE –   “I’m so blessed to be released but…