State officials said on Saturday they had reached a final agreement on the legislative language needed to legalize marijuana for adults in New York.
Governor Andrew Cuomo and state Senate and Assembly leaders announced the agreement on the Marijuana Regulation and Taxation Law amended on Saturday night.
The bill, due to be voted on next week, will divide the state’s marijuana industry revenues between schools and public education, communities “disproportionately impacted by the drug war” and drug treatment, prevention and education programs, Sen do Estado Liz Krueger (D-Manhattan) said.
Marijuana sales to New Yorkers aged 21 and over will come with a 9% sales tax, plus an additional 4% tax to be divided between county and city / town / village governments; convicts for sale will have their records automatically deleted and the state’s medical marijuana program will be expanded.
Cuomo said the legislation could generate $ 350 million in annual taxes and potentially create 30,000 to 60,000 jobs.
“When this bill becomes law, New York will be ready to implement a national leadership model for what legalization of marijuana might look like,” said Krueger.
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