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US (NY): Report suggests cannabis industry could bring billions to New York

New York could create up to 50,800 jobs and rake in billions in new business activity in the coming years if recreational cannabis is legalized this year, according to a new economic analysis.

A report released Wednesday by James Parrott of the Center of NYC Affairs at The New School and economist Michele Mattingly argues that cannabis legalization in 2021 could provide significant relief to the the economic and budget shortfalls caused by the coronavirus pandemic across the state.

The analysis was funded by a company pushing cannabis legalization: Scotts Miracle-Gro, the major fertilizer manufacturer whose product could be used by prospective cannabis growers.

The report, Economic and Revenue Impact of Marijuana Legalization in New York State – A Fresh Look, claims tax revenue in New York would increase by almost $160 million if recreational cannabis is passed in 2021.


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