NY Post Report: Gov. Hochul’s budget projects $1.25 billion in revenue from cannabis sales over 6 years

NY Post writes

New York is set to reach new highs starting in 2023 — thanks to legalized pot.

The state plans to reap more than $1.25 billion in new revenue from legal marijuana sales during the next six years, according to the fiscal 2023 spending plan unveiled Tuesday by Gov. Kathy Hochul.

The first year’s take is a relatively puny $56 million, with most of the money — $40 million — coming from licensing fees paid by growers and sellers, based on figures in the briefing book on Hochul’s proposed $216.3 billion budget.

Those fees are expected to start rolling in later this year and storefront sales of recreational marijuana are likely to begin next year, state Budget Director Robert Mujica said during an afternoon briefing in Albany.

Once the business begins booming, projections show the state will collect rapidly increasing revenues that reach $363 million in fiscal 2028.

More at    https://nypost.com/2022/01/18/kathy-hochul-ny-budget-sees-1-25-billion-from-pot-sales-over-six-years/

Download all 237 pages of the budget at

https://www.governor.ny.gov/sites/default/files/2022-01/2022StateoftheStateBook.pdf

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