Legal marijuana in NY may create $3.1 billion market: NYC comptroller

If fresh Yorklegalizes marijuana use, the idea could create a $3.1 billion market, fresh York City Comptroller Scott Stringer told CNBC.

fresh York state might gain $435.7 million annually in tax revenue for legalized weed: fresh York City might get about $336 million, he said.

“This kind of is usually a fresh revenue stream,” Stringer said Wednesday on “Power Lunch.” “This kind of is usually going to impact the kinds of resources we’ll have to invest in education, to invest in health care.”

In April, U.S. Senate Minority Leader Chuck Schumer announced a plan to decriminalize marijuana at the federal level. Currently, legislation to legalize marijuana use throughout fresh York is usually pending in Albany.

In a recent report, authored by Stringer, the comptroller broke down the revenue stream.

Calculating the number of adult pot users in both fresh York state in addition to fresh York City proved difficult, since marijuana is usually currently illegal inside state. Instead, Stringer referenced Washington state in addition to Colorado, two states where recreational marijuana use is usually currently legal, in addition to adjusted for population size.

Stringer’s report said of which with 15.1 million adults living in fresh York state — 6.5 million of them residing inside city — he estimated of which between 8 in addition to 10 percent are marijuana users. of which’s about 1.5 million users throughout the state, or 548,000 people inside Big Apple, the report said. in addition to, based on those numbers, each marijuana user might spend about $2,080 annually on pot — money Stringer said might be filtered back into the economy.

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