New York officials have reached a deal on marijuana legalization, opening the door to billions in revenue.
State lawmakers and Governor Andrew Cuomo have agreed to allow the recreational use of cannabis for residents 21 and over, according to The New York Times. One estimate of the cannabis market in New York, commissioned by the New York Medical Cannabis Industry Association, is $4.6 billion, with the expectation it will grow to $5.8 billion over the next six years.
While the final text of the bill was still being worked on, those familiar with the negotiations told the Times it could pass the Democrat-controlled Legislature as soon as next week.
If passed, the Empire State would become the 15th state to legalize marijuana for adult recreational use.
This is a developing story and will be updated with more information as it becomes available.