New York state may see potential tax dollars go up in a puff of pot smoke.
With New Jersey Governor Phil Murphy leading a fast-track push to legalize recreational marijuana, pot dispensaries could soon be as close as a seven-minute train ride from Manhattan. Once people start hopping the PATH train to Jersey City to purchase marijuana, New York lawmakers will start feeling pressure about losing taxable sales, said Hadley Ford, chief executive officer of pot retailer iAnthus Capital Holdings Inc.
“It’s clear New Jersey is going full rec,’’ Ford said. “As soon as Governor Murphy collects a tax dollar from a New York City resident, New York is going to push that bill right to the front.’’
Murphy was elected last year with a promise to legalize marijuana, and New Jersey lawmakers are already circulating a draft bill that could see a vote as soon as this month. And with New York’s northern neighbor, Canada, starting retail sales nationwide in mid-October -- and Massachusetts and Vermont on its eastern flank allowing adults to consume it without a prescription -- New York state is finding itself behind the times.
