New York state lawmakers reached an agreement to legalize recreational marijuana. Gov. Andrew Cuomo estimates a legal weed industry in New York can generate about $350 million annually as well as attract more tourist visits.
Cannabis products could be taxed up to 13% and the state will establish a licensing process for sales and delivery of cannabis products to customers.
Assembly Majority Leader Crystal Peoples-Stokes says in practice it could be up to two years until everything is in place for businesses to legally sell cannabis products and New Yorkers to own it for personal use.