New York State is set to become the 15th state to legalize recreational marijuana sales, following an agreement reached last night among its state legislators. New York has tried and failed in the recent past to allow controlled sales of marijuana. The Associated Press reports:
"The legislation would allow recreational marijuana sales to adults over the age of 21, and set up a licensing process for the delivery of cannabis products to customers. Individual New Yorkers could grow up to three mature and three immature plants for personal consumption, and local governments could opt out of retail sales."
However, don't take your bongs out of storage just yet:
"The legislation would take effect immediately if passed, though sales wouldn’t start immediately as New York sets up rules and a proposed cannabis board. Assembly Majority Leader Crystal Peoples-Stokes estimated Friday it could take 18 months to two years for sales to start."
Two years!? To coin a phrase, c'mon man. The state's treasury should reap a big windfall through taxes on the product, too, bringing in roughly $350 million in tax revenues annually:
"New York would set a 9% sales tax on cannabis, plus an additional 4% tax split between the county and local government. It would also impose an additional tax based on the level of THC, the active ingredient in marijuana, ranging from 0.5 cents per milligram for flower to 3 cents per milligram for edibles."
It appears that they've done some serious thinking about the tax angle. What next, a "toke tax"?
(photo: Don't Bogart that joint. Carlos Osario / Reuters)
