- The state is expected to collect about $350 million in taxes annually, and the newly legalized industry could create between 30,000 to 60,000 new jobs.
What they're saying: "My goal in carrying this legislation has always been to end the racially disparate enforcement of marijuana prohibition that has taken such a toll on communities of color across our state, and to use the economic windfall of legalization to help heal and repair those same communities," state Sen. Liz Krueger said.
What's next: New York Gov. Andrew Cuomo (D) said Sunday he was looking forward to signing the bill into law.
- Once signed, New York would become the 15th state to legalize recreational marijuana use, CNBC reports.
- "Once signed, legalization of the plant will be effective immediately but recreational sales are not expected to begin for one or two years," CNBC writes.
