This has been a long time coming. As of Wednesday, March 31, weed is officially L-E-G-A-L in New York. Governor Cuomo reportedly signed New York\u2019s legalization bill into law within hours of lawmakers putting it on his desk. That makes the Empire State the 14th US state to regulate the adult-use of marijuana, and the third state to do so by the legislation of lawmakers, rather than a voter-approved ballot measure.<\/p>\n
While momentum built throughout March, no one knew if legal weed laws would truly materialize, considering how many times NY lawmakers have fumbled the opportunity for legalization. Things got especially concerning when reports of a cannabis legislation meeting turned into shouting match<\/u><\/a> about three weeks ago. But, it all came to a head this past Tuesday, when the NY Senate voted 40-23 in favor of legalization, with Republicans and three Democrats voting against the legalization. (Seriously, though \u2014 get with the times or get left behind<\/u><\/a>, people!)<\/p>\n Now it\u2019s impossible not to focus on how much green there\u2019s to be made from these new greener pastures: $4.2 billion a year, to be exact, according to a study<\/u><\/a> sponsored by the New York Medical Cannabis Industry Association. That means New York will have the largest cannabis economy in the country. (California is the largest at the moment, with $3.5 billion sold in 2020.) According to the governor\u2019s office, that amounts to some $350 million a year<\/u><\/a> in taxes for the state government. <\/p>\n