New York lawmakers failed to enact legislation that could make the state the third in the nation to regulate and tax marijuana as a legal product after California, Colorado and Washington.
The bill, Marihuana Regulation and Taxation Act, wasn’t voted on before both houses adjourned in late June. But state Sen. Liz Krueger, a democrat representing Manhattan’s east side, said she will reintroduce the bill during the next legislative session in January.
“It is a win-win to decriminalize marijuana and regulate it and tax it,” Kreuger told Metro News.
According to the Huffington Post, Colorado shops made more than $5 million during their first week. There are more than 100 recreational marijuana shops open and retailers have sold close to $70 million. Within the first five months of the passed bill, Denver crime had gone down. Colorado has collected close to $24 million in taxes and fees from residents and tourists, according to colorado.gov.
Washington is expected to collect approximately $190 million over the next four years, and legalization across all states could mean an increased tax revenue of $10 billion, according to the Marijuana Policy Project.