New York, NY: The implementation of legislative proposals seeking to legalize and regulate the adult-use marijuana market in New York state would yield over $700 million in tax revenue and create over 50,000 jobs by 2027, according to estimates provided in a new economic analysis.
The analysis, entitled Economic and Revenue Impact of Marijuana Legalization in NYS – A Fresh Look, estimates that legalization will yield $566 million in tax revenue in its first year of implementation (2023) – increasing to $2.6 billion by 2027. Authors further estimate that regulating commercial marijuana sales will create some 50,800 new jobs within four years.
They conclude: “Legalization has the potential to strengthen local economies and redress existing inequities in both urban and rural New York. The proposals advanced by the Governor and the legislature both aim to provide economic opportunities to communities that have been disproportionately affected by the war on drugs. Legalization could also open up small retail opportunities in urban neighborhoods throughout the state that have experienced widespread pandemic-related restaurant and other small business closures.”
The full text of the report is available online.