Legal pot in New York could grow into a $3B industry and rake in $772M in tax revenue

0
163

Legal pot could be a $3 billion industry in New York — and pour up to $772 million in tax money into state and city coffers, according to a new report. Amid a groundswell of support for legalizing marijuana in New York, City Controller Scott Stringer found that the market could add up to $3.1 billion a year statewide, including $1.1 billion in the city. That’s based on estimates there are about 1.5 million regular marijuana users across the state and 550,000 from the city. The report assumes they’d spend about $2,080 a year on weed, about the same as smokers in Washington and Colorado do after those states legalized the drug. “This is not just about dollars — it’s about justice. Not only is marijuana an untapped revenue source for the City and the State, but the prosecution of marijuana-related crimes has had a devastating and disproportionate impact on black and hispanic communities for far too long,” Stringer said. Legal pot in New York could grow into a $3B industry and rake in $772M in tax revenue

thumbnail courtesy of nydailynews.com

LEAVE A REPLY

Please enter your comment!
Please enter your name here