New York is reaping the rewards of legalized marijuana, with the state expecting over $160 million in tax revenue this fiscal year—four times last year’s earnings. Governor Kathy Hochul’s budget forecasts even greater gains, with $248 million projected next year.
The cannabis industry has topped $1 billion in sales, with more than half of the licenses granted to minority and women-owned businesses.
Taxes collected are split between state and localities, and significant portions fund education and community reinvestment. The state continues to strengthen the legal market by cracking down on illegal operations and expanding licensing efforts.
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