New York Governor Andrew Cuomo unveiled his long-awaited marijuana legalization plan, saying it would help raise tax revenue and support individuals and communities harmed by cannabis prohibition. In a statement, Cuomo noted that the positive impacts of legalization far outweigh the unnamed negatives—and that cannabis reform would raise tax revenues and support communities harmed by cannabis prohibition. The proposal establishes a new Office of Cannabis Management to oversee and regulate the drug, and enforce best practices to promote “responsible use” among adults as well as regulate packaging, labeling and advertising. It’s not clear what those regulations will be or the measures that are envisioned to protect vulnerable populations or communities that want to opt out of marijuana commerce. Cuomo has failed twice to enact legalization, but this time around he has a veto-proof Democratic supermajority in the state legislature—as well as a $15 billion budget gap to fill, although the expected $300 million annual returns are many years off.
Meanwhile, Governor Ned Lamont of neighboring Connecticut says he too is on board to push for marijuana legalization this year. If that happens, along with legalization in New York, a large swathe of the Northeast would become a legal pot zone, as New Jersey approved the measure last year.
And finally, Oregon is reaping at least the financial rewards of cannabis legalization, as pot sales soared to a record $1 billion in 2020 amid pandemic panic buying. State tax revenue from pot sales will likely exceed $150 million, with the bulk of that going to substance abuse programs linked to the state’s decriminalization of hard drugs.