NEW: New York state legislature formally votes to legalize and regulate recreational marijuana for adults and expunge the records of people previously convicted of possession.
Under the final legislation, 3 ounces of marijuana will be legal to possess for New Yorkers over 21 and the substance will have a 13% sales tax. The tax revenues will be broken up with 9% going to the state and 4% going to localities, according to the legislation.
The governor's office said as many as 60,000 new jobs could be created and the state will generate $350 million in revenue annually, as a result of the new laws. "We applaud the New York Legislature and the tireless work of advocates for their commitment to ending cannabis prohibition through a social justice-centered approach," said Steve Hawkins, executive director at the Marijuana Policy Project."We expect 2021 to be a record-breaking year for legislatures legalizing cannabis.
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