America’s fourth-largest state – with 20 million people – could legalize cannabis in 2019.
New York State Governor Andrew Cuomo announced plans at a press conference in Manhattan.
“Let’s legalize the adult use of recreational marijuana once and for all.”
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The move to legalize marijuana could open up a new $1.7 billion market for cannabis in New York.
Cuomo may be feeling pressure to move quickly to legalize marijuana, since New Jersey is on the verge of legalizing recreational marijuana in 2019.
New York politicians are concerned that if the state delays its effort to legalize marijuana, its citizens will cross the Hudson River and start buying cannabis in New Jersey. Therefore, it’s in their interest to legalize at the same time as the Garden State.
The governor’s announcement comes after a New York Health Department report recommended full legalization.
The state estimates that 1.3 million New Yorkers would access the legal cannabis market within the first year if the state were to legalize marijuana.
The current black market for cannabis is estimated to be 6.5 million to 10.2 million ounces annually. Based upon an average price of $270 per ounce, the market is estimated to be $1.7 billion.
Like all states, New York is interested in collecting revenues from this new market. Depending upon the tax rate, state and local governments could collect $248 million to $678 million.
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