NYS Senator on Legal Pot: Public Totally Gets It

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Dec. 12 (Bloomberg) –- On today’s “Reganomix,” New York State Senator Liz Krueger, a Democrat from Manhattan, discusses the new marijuana legalization legislation she has proposed. She speaks with Adam Johnson and Trish Regan on Bloomberg Television's "Street Smart." (Source: Bloomberg)

Colorado taking steps this year.

There is a new piece of legislation in the new york state senate.

You may despair but the day that uruguay pass this legislation.

That you made this public the day that uruguay passed this legislation.

I had no idea that they were doing this.

I had been watching this for year.

I had been watching carefully what is happening in colorado and washington.

Other states have moved forward with variations of marijuana.

Nudist is and by the obama white house.

The fact is that the public does not understand why we are spending billions and billions of dollars in police and court costs.

The question is, do you have enough support from lawmakers to say that we are going to go out on a limb here?

Is this for recreational purposes or is this for medicinal person this is -- for medicinal purposes?

What's it is tax and regulate.

People can use it for recreation or medical but it would not go through the process of defining it as a medicine.

I think the easiest answer and the right answer is to just go with tax and regulate.

Under my bill, we would treat tobacco, alcohol, and marijuana and pretty much the same way.

There would be rules about who could get it, how much, who could sell it, not let children by it, put limits on how much you are allowed to have.

Only allow it for private use.

There are so many successful models in alcohol and tobacco which are actually more dangerous than marijuana.

Not to oversimplify it but ultimately what does this mean in potential taxes for new york state?

What's the projections are if we were to follow my law and tax and regulate, we would get the entire criminal issue out of marijuana meaning we would not have the problem with the drug cartels trying to sneak marijuana in and create havoc.

We would create a legal industry estimated to have a value of $3 billion in new york state.

That means new jobs, new opportunities.

And an eight and a quarter state tax, that gives you 250 million dollars in revenue.

We are proposing $50 per

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