Photographer: Galit Rodan / Bloomberg
Photographer: Galit Rodan / Bloomberg
New York is ready to legalize recreational marijuana. The state would impose special taxes on marijuana and prepare to license dispensaries under an agreement signed by Governor Andrew Cuomo and legislative leaders.
“It is my understanding that the triple agreement has been reached and that the drafting of the bill is in the process of finalizing a bill that we all said we support,” Liz Krueger, chairman of the state Senate Finance Committee, told the government. Bloomberg on Wednesday.
Cannabis use would become legal for adults 21 and older.
The agreement that legislative leaders brokered with Cuomo (D) provides for a sales tax of 13%, 9% of which would go to the state and 4% to localities, said Krueger. Distributors would additionally charge a special excise tax of up to 3 cents per milligram of THC, the active ingredient in cannabis, with a sliding scale based on the type of product and its potency.
The governor’s office estimates that a legal cannabis program could raise about $ 350 million a year, once fully implemented.
Cuomo on Wednesday said they were close to an agreement to legalize marijuana and that this is one of their budget priorities. Krueger said he expected lawmakers to vote on the measure as early as next week, outside the budget.