New York Governor Andrew Cuomo drew up a plan in 2021 to legalize adult recreational marijuana to stimulate economic activity, but the executive director of the National Cannabis Industry Association warns that taxes should not be too high. FOX Business’ Kristina Partsinevelos and more.
New York Governor Andrew Cuomo has faced a huge budget deficit and in 2021 introduced a plan to legalize marijuana for recreation for adults.
The plan includes the use of tax revenues to fill the state’s budget deficit of almost $ 4 billion for the next financial 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 unobstructed that it pushes the market underground,” Aaron Smith told Kristina Partsinevelos. “I hope we can get to a place where it is taxed in a way that is similar to alcohol.”
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Cuomo said during his State of the State last week that the industry would eventually lead to 60,000 new jobs, $ 3.5 billion in economic activity and $ 300 million in tax revenue.
New York, which currently has a limited medical marijuana industry, will join 15 states and Washington, DC, where marijuana recreation is legal.
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New York has tried three times to legalize marijuana.
FOX Business’ Paul Best contributed to this report.