New York Legalizes Recreational Marijuana... Expected Tax Revenue of 400 Billion Won

Expected to Pass Parliament Next Week
Past Criminal Records Also to Be Deleted

[Image source=Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] The state of New York in the United States has decided to legalize recreational marijuana use for adults aged 21 and over to overcome the tax revenue shortfall caused by the novel coronavirus infection (COVID-19).

According to Bloomberg News and others on the 28th (local time), Governor Andrew Cuomo and the state legislature reached an agreement on this matter after late-night discussions the previous day, the governor's office announced on the same day.

The marijuana legalization bill is scheduled to be processed by the state legislature next week, and since the Democratic Party holds the majority in both the New York State Senate and Assembly, its passage is considered certain.

Once the bill is passed, New York will become the 15th state in the U.S. to legalize marijuana use.

Under this law, adults aged 21 and over in New York State will be allowed to possess up to 3 ounces (approximately 85g) of marijuana, and will be able to purchase marijuana as well as cultivate it at home for personal use.

With marijuana legalization, New York State will impose an additional 9% tax on marijuana sales, and local governments under the state will impose an additional 4% tax. An additional annual tax revenue of $350 million (approximately 396 billion KRW) is expected.

Governor Cuomo also emphasized that this bill will automatically expunge the past criminal records of all individuals previously convicted of marijuana-related offenses.

In a statement on the day, Governor Cuomo said, "For generations, too many New Yorkers have been unfairly punished for adult marijuana use and sales and have had to serve harsh mandatory minimum sentences. It is time to end this in New York."

Civic groups evaluated that the expungement of criminal records could help the social reintegration of those prosecuted for marijuana-related crimes, noting that many were poor Black or Hispanic youths.

This content was produced with the assistance of AI translation services.