Cannabis Legalization in New York: Is Fifth Time Finally the Charm?
It appears that the New York legislature and the Governor finally clinched a deal on cannabis legalization, with Sen. Liz Krueger's legislation, S854, as the basis. In this edition of his Cannabis Law column, Alexander G. Malyshev discusses the legalization, which is expected to generate around $300 million a year in new revenue.
March 29, 2021 at 12:30 PM
8 minute read
Despite its continued federal prohibition, marijuana legalization was one of the big winners of the 2020 legislative cycle. In the northeast, the biggest change was the Garden State's legalization of adult-use cannabis (the more clinical sounding name for marijuana) through a voter-led constitutional amendment. Although all legalization efforts this cycle have had a social equity component, a major driver for state legislators has been the promise of revenue in the form of taxes. New Jersey has now put the pressure on neighboring states (like New York and Pennsylvania) to legalize or see that revenue go across the river.
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