Legalizing Marijuana in New York Could Create a $3.1 Billion Market, Says Nyc Comptroller

If New Yorklegalizes marijuana use, it could create a $3.1 billion market, New York City Comptroller Scott Stringer told CNBC.

New York state would gain $435.7 million annually in tax revenue for legalized weed: New York City would get about $336 million, he said.

“This is a new revenue stream,” Stringer said Wednesday on “Power Lunch.” “This is going to impact the kinds of resources we’ll have to invest in education, to invest in health care.”

In April, U.S. Senate Minority Leader Chuck Schumer announced a plan to decriminalize marijuana at the federal level. Currently, legislation to legalize marijuana use throughout New York is pending in Albany.

– Read the entire article at CNBC News.