Calling it a historic day, Governor Andrew Cuomo signed legislation legalizing recreational use of marijuana for adults across the state.
The Marijuana Regulation and Tax Act (MRTA) will establish a new office for the regulation of cannabis and decriminalize the use of marijuana while enacting a program to reinvest millions of dollars in minority communities that were most affected during the war on drugs.
The legislation provides licensing for marijuana producers, distributors, retailers and other actors in the cannabis market and creates a social and economic equity program to assist individuals disproportionately impacted by marijuana enforcement who want to participate in the industry. Tax collections from the adult-use cannabis program are projected to reach $350 million annually and there is potential for the industry to create 30,000 to 60,000 new jobs across the state.
