Home / NEWS / Top News / Legalizing marijuana in New York could create a $3.1 billion market, says NYC comptroller

Legalizing marijuana in New York could create a $3.1 billion market, says NYC comptroller

If New Yorklegalizes marijuana use, it could produce a $3.1 billion market, New York City Comptroller Scott Stringer communicated CNBC.

New York state would gain $435.7 million annually in tax receipts for legalized weed: New York City would get about $336 million, he asseverated.

“This is a new revenue stream,” Stringer said Wednesday on “Power Lunch.” “This is active to impact the kinds of resources we’ll have to invest in education, to invest in form care.”

In April, U.S. Senate Minority Leader Chuck Schumer suggested a plan to decriminalize marijuana at the federal level. Currently, legislation to legalize marijuana use wholly New York is pending in Albany.

In a recent report, authored by Stringer, the comptroller down-and-out down the revenue stream.

Calculating the number of adult pot users in both New York status and New York City proved difficult, since marijuana is currently forbidden in the state. Instead, Stringer referenced Washington state and Colorado, two states where recreational marijuana use is currently admissible, and adjusted for population size.

Stringer’s report said that with 15.1 million grown-ups living in New York state — 6.5 million of them residing in the town — he estimated that between 8 and 10 percent are marijuana users. That’s just about 1.5 million users throughout the state, or 548,000 people in the Big Apple, the relate said. And, based on those numbers, each marijuana user wish spend about $2,080 annually on pot — money Stringer said at ones desire be filtered back into the economy.

Legalized marijuana even has the undeveloped to increase tourism, as it has in Colorado and Washington state, Stringer said.

Currently, recreational marijuana is constitutional in nine states: Washington, Oregon, California, Nevada, Colorado, Alaska, Maine, Massachusetts and Vermont. It is also judiciary in the District of Columbia.

Stringer pointed out that the marijuana market is nothing new — but at least if its authorized the state and city of New York have a chance to monetize it in a way that promotes people.

“Let’s not be naive,” he said. “Marijuana has been around for decades, it’s the below-ground economy. The state and city gets no economic benefit from it. We don’t be enduring an opportunity to regulate it.”

“We should explore this,” Stringer said. “We don’t from all the answers. We have a lot of work to do on this.”

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