In the last two years, the debate over the legalization of cannabis for adult use has dragged on in New York State. However, this may take a turn for the better next year as the state’s legislature goes back to Albany, despite the Democrats being divided into various aspects on the issue, which may make negotiations a tad bit difficult. The main concern seems to be how the state will utilize the revenue generated from the recreational-use cannabis industry. According to forecasts from the state, the cannabis industry is expected to generate roughly $300 million each year once the industry stabilizes. The Marijuana Regulation and Taxation Act, which is supported by some Democrats in the legislature, would ensure that half of the revenue generated is set aside and invested in the communities that had drug laws by the state-enforced at higher rates. The bill is sponsored by the chair of the Finance Committee, state senator Liz Krueger, and Assembly Majority Leader Crystal Peoples-Stokes, D-Erie.
CannabisNewsWire, 12/29/2020 04:20:00