In an interview with CNBC, New York City Comptroller Scott Stringer estimated that New York state would see $435.7 million per year from adult-use cannabis tax revenues; while New York City would net about $336 million.
“This is a new revenue stream. This is going to impact the kinds of resources we’ll have to invest in education, to invest in healthcare.” – Stringer, on “Power Lunch”
All said, Stringer outlined a $3.1 billion market. Stringer said there are 15.1 million adults living in New York state, with 6.5 million of them residing in NYC. He estimates that between 8 and 10 percent use cannabis recreationally – about 1.5 million users throughout the state, or 548,000 people in the city, the report said. Stringer suggested that cannabis consumer would spend about $2,080 per year on cannabis.
Are the tides turning in the Empire State? The state Democrats plan to add cannabis legalization to their platform at their upcoming convention. Gov. Andrew Cuomo, the de facto head of the party and longtime legalization opponent, has appeared to soften on his position, conceding last month that “it’s going to be [in New York] anyway.” His likely primary challenger, actress and activist Cynthia Nixon, is all-in on supporting legalization. At least one potential Republican candidate, former Erie County executive Joel Giambra, has pitched legalization tax revenues as a way to address the state’s infrastructure problems.