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Report: NY State could bring in big money with legal recreational marijuana

As the New York State legislature continues to debate the idea of legalizing recreational marijuana, a new report is showing just how much money could come into the state if it happens.

BUFFALO, N.Y. — As the New York State legislature continues to debate the idea of legalizing recreational marijuana, a new report is showing just how much money could come into the state if it happens.

The non-partisan Rockefeller Institute looked at the impact on the high and low end. They found on the low end, it would create a total economic output of $4.1 billion. 

That translates to as many as 30,731 new jobs.

The higher-end market estimate assumes marijuana would sell at a higher price and people would consume more of it. That analysis found New York could see 63,271 new jobs with a total economic impact of $8.4 billion.

This report does not look at the downside of legalization and some of the costs that would be associated with recreational marijuana.

REPORT: The Economic Impact of Developing the Adult-Use Cannabis Industry in New York