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Pot revenue could equal $500 million annually, says Giambra

Joel Giambra says legalizing recreational marijuana could generate $500 million a year in tax revenue for the State of New York.

BUFFALO, NY - Wednesday afternoon, Joel Giambra outlined a revenue stream that he says could help New York State.

Marijuana tax revenues, should the drug be legally approved for recreational use, could equal $500 million a year, Giambra says. It's almost like the state is getting robbed. "There's about half a billion dollars a year that's making its way through the underground black market economy which to me makes no sense," Giambra said.

"Nine other states have taken this step, and medical marijuana is legal in 29 states," he says. The former Erie County Executive and City of Buffalo Comptroller is a candidate for New York Governor.

Giambra said that based on research he has commissioned which he'll release Wednesday, an excise tax of 13 percent, in addition to the existing state and local sales taxes on legal adult marijuana, would generate $500 million a year and could finance state bonding of $12.2 billion over five years.

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