NY Can Earn Billions from Legalizing Cannabis—Just Look at Washington State
It's no secret New York lawmakers are in desperate need to restart the state's economy and generate revenue. One industry that might give New York some much needed relief is legal cannabis.
August 26, 2020 at 10:00 AM
4 minute read
A few months ago, New York City was a vibrant cultural epicenter. Now, it's become a desert island. With 40 percent of the city's population moving out of state and companies going fully remote, crowded subways and buzzing streets are now empty. So is the state's wallet. If you've watched Governor Andrew Cuomo's press conferences recently, one issue has become abundantly clear: New York State is bleeding revenue.
It's no secret New York lawmakers are in desperate need to restart the state's economy and generate revenue. One industry that might give New York some much needed relief is legal cannabis.
Governor Cuomo has been considering legalization for quite some time, and it's a proven way to generate revenue. Longtime recreationally legal states such as Washington and Colorado have been reaping the benefits of tax revenue from cannabis sales for years. States like Illinois that legalized last fall have gained over $10 million in tax revenue in a matter of months.
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