The plan includes using tax revenue to help fill the state's nearly $4 billion budget gap for the next fiscal year. However, the CEO of the National Cannabis Industry Association told FOX Business that it could go up in smoke if taxes are too high.
“We definitely want to make sure that taxes are not so prohibitive that it pushes the market back underground,” Aaron Smith told Kristina Partsinevelos. “I hope that we can come to a place where it’s taxed in a manner that it’s somewhat similar to alcohol.”
New York, which currently has a limited medical marijuana industry, would join 15 states and Washington, D.C., where marijuana is legal recreationally.
New York has attempted to legalize marijuana three times.
FOX Business’ Paul Best contributed to this report.