Offbeat Legalizing marijuana in New York could create a $3.1 billion market, says NYC comptroller

01:20  17 may  2018
01:20  17 may  2018 Source:   cnbc.com

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The New York City Comptroller ’s Office estimated certain of the fiscal impacts that could be expected if marijuana use in New York City was legalized and the production and sale of it was regulated and taxed.

For example, illicit marijuana sales in New York are estimated at $ 3 billion , and an official study by the NYC Comptroller in 2013 estimated potential tax revenue for a legal marijuana market in NYC alone would be more than 0 million, acknowledging that the actual revenue could be much higher.

a piece of food © Provided by CNBC If New York legalizes marijuana use, it could create a $3.1 billion market, New York City Comptroller Scott Stringer told CNBC.

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

"This is a new revenue stream," Stringer said Wednesday on "Power Lunch." "This is 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 New York is pending in Albany.

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The New York City Comptroller ’s Office estimated certain of the fiscal impacts that could be expected if marijuana use in New York City was legalized and the production and sale of it was regulated and taxed.

Main » NORML Blog » ECONOMICS » New York City Comptroller ’s Office: Legalizing Marijuana The regulation and taxation of marijuana for New York City residents age 21 and over would yield This figure is based on existing estimates regarding cannabis’ present market price and demand in

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

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

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

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New York policy makers can feel assured knowing that the sky did not fall in states like Washington, Colorado, Oregon, and Alaska that have legalized For example, illicit marijuana sales in New York are estimated at $ 3 billion , and an official study by the NYC Comptroller in 2013 estimated potential

The New York City Comptroller ’s office is recommending marijuana legalization As if that weren’t enough, it would also boost our bottom line,” said Comptroller John Liu. And state bills to legalize medical marijuana , as well as extend decriminalization to marijuana in “public view” have failed.

Legalized marijuana even has the potential to increase tourism, as it has in Colorado and Washington, Stringer said.

Currently, recreational marijuana is legal in nine states: Washington, Oregon , California, Nevada, Colorado, Alaska, Maine, Massachusetts and Vermont. It is also legal in the District of Columbia.

Stringer pointed out that the marijuana market is nothing new — but at least if its legal the state and city of New York have a chance to monetize it in a way that benefits people.

"Let's not be naive," he said. "Marijuana has been around for decades, it's the underground economy. The state and city gets no economic benefit from it. We don't have an opportunity to regulate it."

"We should explore this," Stringer said. "We don't have all the answers. We have a lot of work to do on this."

Legal weed sales in California off to a less than smokin' start .
The legal cannabis industry in California hasn't been lit on fire just yet. According to recent numbers from industry metrics expert New Frontier Data, cannabis sales in the state since marijuana was made legal at the start of the year have been less than inspiring.

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