New York Moves to Become Second Largest Pot Market In U.S.
- Cuomo says legal marijuana could create more than 30,000 jobs
- Bill seeks to prevent big cannabis companies from dominating
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New York moved toward creating the nation’s second-largest market for legal marijuana when the state Legislature passed Tuesday a bill that would impose special pot taxes and allow the licensing of dispensaries.
The measure (S.854A /A.1248A) would allow cannabis storefronts to open as soon as next year, and would let home growers start cultivating their own pot. It would limit the number of licenses for large corporations, and impose sales and excise taxes that are estimated to eventually bring in about $350 million a year.