NY Estimates $1.25 Billion in Cannabis Revenue

What is happening? NYGovernor revenue estimates indicate over the first 6 years, NY will receive $1.25 Billion in revenue from cannabis if it were to legalize.

Why is this important? In year 1, there will be $56 million in revenue from licensing fees. Thereafter revenue is expected to be $95 million in 2024, $158 million in 2025, $245 million in 2026, $339 million in 2027 and $363 million in 2028

How will this be important? NY is planning to direct revenue from its proposed 9% excise tax, and 4% local tax, on cannabis as follows:

• education 40%
• community reinvestment 40%
• drug treatment 20%
• On the local tax counties get 25% and cities, towns and villages 75%

Marijuana Moment | New York Will Generate More Than $1.25 Billion In Marijuana Revenue Over Next Six Years, Governor’s Budget Estimates