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New York Legalizes Recreational Cannabis The state of New York will pass legislation legalizing the use of recreational cannabis. New York is the 15th state in the U.S. to allow recreational marijuana use. The size of the U.S. cannabis market is estimated to be approximately $4.6 billion, and this new agreement, which is expected to pass as early as next week, will help unlock this increasingly popular market. According to the agreement, persons 21 years and older will be permitted to consume and grow the substance. The Office of Cannabis Management would regulate the cannabis market. Individuals will be able to grow their own pot with a maximum number of plants-per-household being set at 12. Special lounges termed “consumption sites” where the substance can be sold and consumed will be created. Marijuana will be taxed at a rate of 13%, which will generate significant revenues for the state. The tax structure will be similar to that of the alcohol industry. While it is expected to take about a year until marijuana can be legally traded in New York, this move is seen as an important step in pushing federal legalization across the greater United States. The deal will undoubtedly increase the number of establishments supplying cannabis for medicinal use and increases the probability that it will be used to treat a wider range of illnesses.

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