The momentum for both initiatives is building. With neighboring Massachusetts legalizing pot and New Jersey moving to do the same, New York's rationale for following suit is getting stronger. Some 63% of voters supported the idea in a recent poll. The need to move sooner rather than later was obvious when a New York Times investigation this month showed marijuana arrests were almost exclusively of African-Americans and Hispanics, even though whites use pot just as often.
The Supreme Court decision last week lifting a ban on sports betting outside Nevada set off a race among states—led by New Jersey—to seize a new opportunity.
The potential revenue from marijuana is reasonably clear from the experiences of other states that have legalized it, especially Colorado and Washington. New York City Comptroller Scott Stringer issued a report last week estimating the market at $3 billion in the state and a little more than a $1 billion in the city. Excise taxes, like those levied elsewhere, and sales taxes would annually produce $436 million for the state government, $336 million for the city and more than $500 million for other localities, Stringer projected.