On Saturday, the state officials said that they have arrived to a last agreement on legislature language required for legalizing adult marijuana use in New York.
Governor Andrew Cuomo, along with leaders of state Assembly and Senate, announced the final agreement on amended Marijuana Regulation & Taxation Act on Saturday.
This bill, which is likely to be presented for voting the following week, would divide revenues from weed industry between public and school educations, communities that are disproportionately impacted by drug war as well as drug prevention, treatment and education initiatives, said Liz Krueger, the State Senate.
Marijuana sales to people in New York aged 21 and above would come with a nine per cent sales tax, in addition to a four per cent tax that will be divided between city/village/town and county governments. The ones who were convicted of selling marijuana will get their records expunged automatically, and the medical weed program of the state will be broadened.
According to Cuomo, the legislation may bring in annual taxes worth $340mn and possibly create around 60,000 jobs.
The time this bill turns into a law, the state will be assured of implementing a country-leading model to show how weed legalization could look like, said Krueger.