New York Gov. Andrew Cuomo on Wednesday signed a bill to legalize recreational marijuana for all adults over the age of 21.
Why it matters: New York is the 15th state to legalize recreational marijuana and is expected to quickly become one of the largest markets for legal cannabis in the country.
- The marijuana industry in New York is expected to generate $350 million in tax revenue annually and potentially create 30,000 to 60,000 jobs, according to Cuomo's office.
- The measure will also expunge records for thousands of people with past marijuana-related convictions. People of color represented 94% of marijuana arrests in New York City in 2020.
- About 46% of revenue from pot sales will be steered toward Latino and Black communities, per the New York Times.