New York legalizes marijuana for adults

New York state has legalized marijuana for adults and will expunge the criminal records of people previously convicted of crimes that would be legal under the new law, Report informs referring to ABC News.

Governor Andrew Cuomo signed the legislation on Wednesday, roughly 12 hours after the Legislature approved it. New York is now the 15th state to allow recreational marijuana for adults.

Sales might not start until 2022, as the state will take time to establish its regulatory framework.

"This is a historic day in New York - one that rights the wrongs of the past by putting an end to harsh prison sentences, embraces an industry that will grow the Empire State's economy, and prioritizes marginalized communities so those that have suffered the most will be the first to reap the benefits." Governor Cuomo said. "This was one of my top priorities in this year's State of the State agenda and I'm proud these comprehensive reforms address and balance the social equity, safety and economic impacts of legal adult-use cannabis. I thank both the Leader and the Speaker, and the tireless advocacy of so many for helping make today's historic day possible."

The development of an adult-use cannabis industry in New York State under this legislation has the potential to create significant economic opportunities for New Yorkers and the State. Tax collections from the adult-use cannabis program are projected to reach $350 million annually. Additionally, there is the potential for this new industry to create 30,000 to 60,000 new jobs across the State.

Personal possession outside of the home allows up to 3 ounces cannabis and 24 grams of cannabis concentrate.