New York Governor Andrew Cuomo outlined a plan to legalize marijuana for adult recreational use in 2021 to stimulate economic activity, but the CEO of the National Cannabis Industry Association warns that taxes cannot be too high. Kristina Partsinevelos from FOX Business with more.
New York Governor Andrew Cuomo, facing a huge budget deficit, launched a plan to legalize marijuana for adult recreational use in 2021.
The plan includes using tax revenue to help fill the state’s nearly $ 4 billion budget gap for the next fiscal year. However, the CEO of the National Cannabis Industry Association told FOX Business that it can go up in smoke if taxes are too high.
“We definitely want to make sure that taxes are not so prohibitive as to push the market back underground,” Aaron Smith told Kristina Partsinevelos. “I hope we can get to the point where it is taxed in a similar way to alcohol.”
MAINE MARIJUANA SHOPS REPORT AWESOME BUSINESS IN spite of PANDEMIC
Cuomo, during his state of the state last week, said that the industry will end up generating 60,000 new jobs, $ 3.5 billion in economic activities and $ 300 million in tax revenue.
New York, which currently has a limited medical marijuana industry, would join 15 states and Washington, DC, where marijuana is legal for recreational purposes.
DISCOVER FOX BUSINESS ON THE MOVE BY CLICKING HERE
New York tried to legalize marijuana three times.
FOX Business’ Paul Best contributed to this report.