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New York Gov. Andrew Cuomo has laid out a plan to legalize adult recreational marijuana in 2021 to boost economic activity, but National Cannabis Industry Association CEO warns taxes cannot be too high. Kristina Partsinevelos from FOX Business with more.
New York Gov. Andrew Cuomo, facing a huge budget deficit, has launched a plan to legalize marijuana for adult recreational use in 2021.
The plan includes using tax revenues to help close the state’s nearly $ 4 billion budget deficit for the next fiscal year. However, the CEO of the National Cannabis Industry Association told FOX Business it could go up in smoke if the taxes are too high.
“We really want to make sure that the taxes are not so prohibitive that they drive the market underground,” Aaron Smith told Kristina Partsinevelos. “Hopefully we can get to a place where it’s taxed in a way a bit like alcohol.”
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Cuomo, during his report of state last week, said the industry will ultimately 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, would join 15 states and Washington, DC, where marijuana is legal for recreational use.
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New York has attempted to legalize marijuana three times.
Paul Best of FOX Business contributed to this report.
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