According to Andrew Cuomo, Governor of New York, he would like to see marijuana legalized for the state in the new year.
He made the announcement on Monday as he outlined his agenda stating his top priorities for the first 100 days of his (3rd) term.
This market has the potential to generate 1.7 billion in new business opportunities and could reduce the flourishing illicit marijuana market.
The economic benefits that could occur if legalization did take place are astronomical.
To name a few:
~ Black-market marijuana are estimated at 6.5 million to 10 million ounces annually. The state department of health also speculates that 1.3 million users would access the legal market in 2019.
~ The average retail price is roughly $270 per ounce, while the market for marijuana is approximated to be around 1.7 billion.
~ Local tax revenue is estimated to generate between $248.1 million (with a 7% tax rate) to $677.7 million (with a 15% tax rate).
When do you speculate the New York state marijuana legalization will take effect?