Wednesday, New York State Gov. Andrew Cuomo signed a bill legalizing recreational marijuana in the state. Tuesday night, the NY State Assembly had voted 100-49 to pass the marijuana legalization bill.
This makes New York the 16th State in the country to legalize sales to adults.
Under the new law, New Yorkers aged 21 and over can legally possess up to three ounces of marijuana outside of the home and purchase cannabis from authorized retailers. The new law also expands the list of medical conditions for medical marijuana eligibility.
Cuomo called the day “historic” and pointed to the positive economic impact the new legislation could have on the state’s economy. Tax collections from cannabis sales could reach $350 million annually, with the potential of creating 30,000 to 60,000 new jobs across the State, according to the Governor’s website.
Marijuana sales will carry a 13% sales tax, with 9% of the revenue going to the state and 4% going to localities, the bill said.
Sales of recreational-use marijuana won't become legal for an estimated 18 months.
For the complete Gov. Cuomo statement and details of the law, click here.