Marijuana is officially legal in New York.
Gov. Cuomo signed the Marijuana Regulation and Taxation Act into law Wednesday morning after it was passed by the New York State Assembly and Senate Tuesday.
According to the governor’s office, the legislation, known formally as S.854-A/A.1248-A:
- Establishes the Office of Cannabis Management
- Expands New York’s existing Medical Marijuana Program
- Establishes a licensing system
- Creates a Social and Economic Equity Program encouraging individuals disproportionately impacted by cannabis enforcement to participate in industry
- Tax collection projected to reach $350 million annually and potentially create 30,000 to 60,000 jobs
“This is a historic day in New York – one that rights the wrongs of the past by putting an end to harsh prison sentences, embraces an industry that will grow the Empire State’s economy, and prioritizes marginalized communities so those that have suffered the most will be the first to reap the benefits.” Gov. Cuomo said Wednesday in a statement. “This was one of my top priorities in this year’s State of the State agenda and I’m proud these comprehensive reforms address and balance the social equity, safety and economic impacts of legal adult-use cannabis. I thank both the Leader and the Speaker, and the tireless advocacy of so many for helping make today’s historic day possible.”