Marijuana Industry Could Bring 60,000 Jobs to New York, Representing $ 3.5 Billion

The state will become the second largest legal marijuana market in the United States as it allows the licensing of dispensaries. New York is the sixteenth state to decide to allow adults to use marijuana

New York Governor Andrew Cuomo signed a bill that legalizes recreational marijuana for adults in the state, with the potential to generate $ 3, 500 million dollars a year in tax revenue and until 60,000 new posts work, according to estimates from his office .

Cuomo stated that the Legislation will give the opportunity to “grow the economy and prioritize marginalized communities so that those who have suffered the most are the first to reap the benefits.”

The new law aims to address some of the economic imbalances . About 40% of the proceeds would go to to a social equity fund for programs to help address those harmed by marijuana arrests.

Nonprofits and local governments may apply for funds to programs such as job placement, housing, and legal barriers to re-entry.

Eventually, the legal cannabis program could generate up to $ 3, 500 million per year in economic activity for the state , estimated the local president.

New York will become the second largest legal marijuana market in the United States as it allows licensing of dispensaries.

New York is the 16th state that decides to allow adults to use marijuana, although stores will not open in New Jersey has sta next year .

The program is expected in New York generates tens of thousands of jobs and about $ 4, 200 million dollars in sales , behind only California, which had around $ 4, 400 million dollars in sales in 2020.

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Cities and towns would have until the end of this year to opt out of having marijuana dispensaries and cafes in their communities.

Cuomo’s signature launches the automatic deletion of records of people with prior marijuana-related convictions for activities that are no longer penalized.

Based on the new New York law, adults older than 21 years would be allowed to buy and consume cannabis.

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