New York State Senator Liz Krueger will be joined by other elected officials, activists and experts tomorrow, December 11th, for a press conference to formally introduce the New York State Marijuana Regulation and Taxation Act, a proposal to legalize the possession, private cultivation and state-licensed sales of recreational cannabis to adults 21 and older. Richard Gottfried, Chairman of the Assembly Health Committee, has signed on to sponsor a companion measure in the Assembly.
New York City’s Comptroller John Liu, who’s currently running for mayor, has proposed a drastic overhaul of the city’s cannabis policies, calling for both the legalization of medical cannabis, as well as the legalization of cannabis for recreational purposes. According to John Liu, who recently commissioned a report on the issue, the city would raise over $400 million in annual revenue if it were to legalize cannabis with a 20% excise tax.
Liu claims that, according to this report, New York City has a $1.65 billion annual cannabis market.