A significant portion of Governor Andrew M. Cuomo’s original fiscal year 2020 budget proposal discusses in detail his idea for a “Cannabis Regulation and Taxation Act,” to be known colloquially as the “cannabis law.” As proposed, the governor’s bill would create and amend existing laws to legalize adult-use cannabis, consolidate governance of all forms of cannabis, and develop a regulatory structure to oversee the licensure, cultivation, production, distribution, sale, and taxation of cannabis within the state.

The governor has conceded that Albany will not be able to reach agreement on the legalization of recreational marijuana in time for it to be included in the budget. It nevertheless appears likely that New Yorkers will see marijuana become legal in the state sometime in the near future. One major reason for that, of course, is the possibility of the state receiving millions of dollars in tax revenue from the sale of cannabis. The governor’s proposal estimates $83 million in tax revenue in fiscal year 2021, rising to $184 million in fiscal year 2024, from the sale of cannabis.