There is great news for the people of New York. The lawmakers of the state are planning to have recreational marijuana legalized. Legislators have been planning to propose a bill in the coming week. The attempt to regulate the drug has also been made previously, but failed.
Drug Policy Alliance recently organized a few advocates who will gather to announce the renewed MRTA—Marijuana Regulation and Taxation Act. In addition to that, a campaign will also be announced called the Start SMART—Sensible Marijuana Access through Regulated Trade—NY. It will be dedicated to the termination of cannabis prohibition in New York.
There have been several amendments made to the legislation in order to ensure that New York finally gets to legalize the adult use of marijuana. It would allow the state to establish a legal market for people who want to use recreational marijuana within the state. According to officials, it can only be done when the drug is properly regulated and taxed. In fact, it is widely believed that recreational cannabis should be treated the same as alcohol, for people 21 and older.
New York is looking forward to the proper taxation of the drug as it is expected to bring in great revenues. This can be comprehended better with the statistic SMART revealed. According to them, residents of New York have been spending around a mind-boggling $3 billion a year on cannabis. In fact, an estimate back in the year 2013 was made. It projected the tax revenues from New York City alone to be a massive $400 million. This is not even the best part. The best part is that if you look at states that have already gone on to legalize the recreational marijuana use, their tax revenues have been far higher than their projections.
The renewed bill also promotes small businesses in the industry as well as racial equity. The licenses that have been proposed with the bill are what the beer and craft industry of New York offers. The aim of the proposal is also to make sure that people who lack good capital can also indulge in this industry as per their capacity. In other words, it will certainly remove all barriers that restrict people with limited capital from entering this prolific business.
New York has gone all the way with this bill. It will also be setting up a Community Grants Reinvestments Fund. It would promote on-job training, youth development programs and economic activities that benefit the state’s cannabis industry. In addition to that, unlike some other states, New York will also allow licenses to people who have faced drug convictions in the past.
On the other hand, people who have been guilty of business-related convictions in the past, especially those caught for tax evasion or fraud, will be strictly banned from seeking licenses. Senators Jamaal Bailey, Jesse Hamilton, Gustavo Rivera, and Representative Michael Blake and Walter Mosley are the key sponsors of this bill. A press conference is scheduled for the coming Monday.