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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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CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.
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