A $3 billion industry in New York in LEGAL POT is on the table, potentially creating $772 million in revenue for the state and city, according to our SPM algorithm.
New York City Controller Scoot Stringer is claiming that the market could be worth $3.4 billion a year statewide, representing $1.1 billion in the city. With an estimated 1.5 million regular marijuana in the state, of which 550,000 live in the city. Using data from smokers in Washington and Colorado, states that have legalized the commodity, our calculations suggest that the average New Yorker would spend $2,080 a year on weed.
“Marijuana is more than dollars. Justice also is part of the equation. For the city, it’s an untapped revenue with intended consequences. For year marijuana has been the bad actor, a party to false propaganda and facts less than honest. A distressing and lopsided effect on black and Hispanic communities, marijuana was used by federal and states law enforcers to expand the prison systems. The cost to warehouse pot smokers has cost billions of dollars. Good money to use to better society.”
Our estimates suggest that the city can earn a 25% excise tax on marijuana sales, representing $436 million a year. This figure is without the people who work in the city. Meanwhile, neighboring states are moving faster towards legalizing the low weed.
“New York is stuck in the dark ages and must reach for the truth – marijuana is a trustworthy revenue source, not just in dollars. We must move toward legalization,” Stringer declared.