According to a recent budget analysis by New York’s comptroller, projections show that the state will be raking in more than $240 million in annual cannabis revenue in the near future. For the first year of marijuana sales, New York is expected to bring in only $20 million in fee and tax collections. This is part of a $26.7 billion evaluation in new revenues that the state is expected to bring in for its 2021/2022 fiscal year, under a budget that the state legislature approved in April.
The analysis notes that the new revenue sources with the most substantial fiscal impacts are the corporate and personal income tax increases, despite increased receipts occurring from the legalization of sports betting and cannabis. It adds that while the former revenue sources…
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