New York on brink of decriminalizing marijuana; state to regulate cannabis products

New York on brink of decriminalizing marijuana; state to regulate cannabis products

THE WHAT? New York State is set to greenlight the recreational use of marijuana, according to a report published by The Wall Street Journal.

THE DETAILS Starting next year, adults will be able to purchase the drug for recreational use, assuming the bill passes. The same piece of legislation would create a state regulator for cannabis products.

THE WHY? With 14 states paving the way, including nearby Connecticut and New Jersey, opposition to the legalization of the drug is dwindling. With revenue pegged at US$300 million a year, per WSJ, with a 9 percent tax to be levied on retail sales, there’s a compelling case to be made.

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