If this initiative is approved, the treasury will receive about $300 million annually.
New York State authorities intend to partially compensate for the state economy’s losses during the coronavirus pandemic by legalizing marijuana. This was announced by Governor Andrew Cuomo on Monday, speaking in Albany (New York) with a speech about the economic situation in the state.
“The governor is seeking to legalize marijuana for recreational purposes,” the New York Post reported. – This proposal has been blocked by lawmakers for the past two years. Still, in the current circumstances, the state legislature can probably approve this initiative, given the financial problems in the state. Now marijuana is allowed to be used in the state of New York only for medical purposes.” If this initiative of the governor is approved, about $300 million will be received annually from taxes to the state treasury.
Earlier, the New York State Budget Department predicted that due to the pandemic, the state treasury would receive less than $13.3 billion in 2021.