The state is looking at a possible $350 million in new tax revenue; as well as freeing up Police resources to focus on more serious crime.
Gov. Andrew Cuomo signed the legislation on Wednesday, roughly 12 hours after the Legislature approved it. New York is now the 15th state to allow recreational marijuana for adults.
“This is a historic day in New York — one that rights the wrongs of the past by putting an end to harsh prison sentences, embraces an industry that will grow the Empire State’s economy, and prioritizes marginalized communities so those that have suffered the most will be the first to reap the benefits,” Cuomo said in a statement.
The legislation could create up to 60,000 jobs and generate $350 million in annual tax revenue for the state, according to the statement.